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Speaker 1: All right, guys, welcome back, e y L.

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Speaker 2: Atlanta edition very very special, very special for us for

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Speaker 2: a couple of different reasons. We're gonna get into it.

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Speaker 2: Before we start, we got some exciting news.

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Speaker 1: You know.

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Speaker 2: We've been traveling around the country. We do our network

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Speaker 2: meeting greets, just going to our biggest markets.

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Speaker 1: And we went.

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Speaker 2: We started in La and we went That was crazy.

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Speaker 2: La was the first one. Then we went to Brooklyn.

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Speaker 2: Brooklyn was crazy. There were so many people it was

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Speaker 2: actually dispilled down into the streets.

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Speaker 3: It's still talking about it.

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Speaker 2: Yeah, shout out to VK for shure us a fact.

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Speaker 2: And then we went to Atlanta. We was in Atlanta,

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Speaker 2: we had four hundred and fifty people come out. And

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Speaker 2: then Houston was the biggest one so far. So Chicago.

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Speaker 2: By the time you hear this, it's going to be

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Speaker 2: two days. But yeah, two days September twenty six, we'll

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Speaker 2: coming to Chicago. So it's free network meet and greet.

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Speaker 2: The purpose of the network meeting greet is not a seminar,

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Speaker 2: it's not a workshop. It is for you to network

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Speaker 2: with each other. Most importantly, you gonna meet us. We're

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Speaker 2: gonna bring some of our guests, but you never know

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Speaker 2: who might be your business partner, who might be you know,

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Speaker 2: somebody that you can do real estate with. And these

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Speaker 2: are the things that we need to do more of.

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Speaker 2: Is is networking and really building. So we mix it

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Speaker 2: with with with a whole different type of vibe because

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Speaker 2: you know, we're not traditional business podcast, so it's like

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Speaker 2: a party but productive tendency to.

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Speaker 3: People show up with shirts and times and they look

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Speaker 3: at us like T shirt.

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Speaker 2: Yeah we're coming, We're coming a T shirt. You know,

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Speaker 2: by the end of night, you're gonna have a couple

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Speaker 2: of drinks and you're gonna have some good food and

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Speaker 2: it's gonna be who vib So, yeah, Chicago. This is

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Speaker 2: my first time going to Chicago, so I'm looking forward

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Speaker 2: to it. So make sure y'all check us out, man

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Speaker 2: for sure, for sure. And then we have our workshop

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Speaker 2: that we are launching as well. So as you know, Eyo,

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Speaker 2: every single week we bring a different professional win and

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Speaker 2: they give us free gyms and free game and we

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Speaker 2: really appreciate that. So we wanted to build an extended

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Speaker 2: platform off of that, so we launching our Workshop series

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Speaker 2: and that's going to be live in New York City.

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Speaker 2: Once a month, and we also want to live streaming

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Speaker 2: as well for anybody anywhere in the world. So the

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Speaker 2: first one is going to be for first time real

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Speaker 2: estate investors. We're gonna go with some hard money loan tactics,

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Speaker 2: things of that nature with our guy MG, the mortgage guy.

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Speaker 2: So yes, make sure that y'all register for that. That's

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Speaker 2: only events table on website as well.

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Speaker 1: We're looking forward to this.

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Speaker 3: So people always asking when we're coming back to New York,

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Speaker 3: New York, this is for you.

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Speaker 2: And we never left to create Thank you when you're

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Speaker 2: coming back to New York. We never left New York.

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Speaker 2: We live in New York. But this is this is

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Speaker 2: for New York for sure, but it's for not just

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Speaker 2: New York. It's for the whole world.

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Speaker 1: So make sure everybody.

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Speaker 2: So all right, we got that out the way, So

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Speaker 2: we have to welcome our esteemed guests. Mister J Morrison,

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Speaker 2: thank you for for you. Yeah, so I gotta get

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Speaker 2: a backstory on this, so you know, we have we

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Speaker 2: try to bring people from all walks of life and

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Speaker 2: all industries and you know, the number one person that

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Speaker 2: everybody has been requesting for months.

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Speaker 4: Now is yeah, but they get aggressive they're like, if

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Speaker 4: you're really serious, get t like reach out to So

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Speaker 4: it's like, all right, man, y'all can stop asking.

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Speaker 1: We got them.

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Speaker 2: So if you don't know legendary real estate investor, social

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Speaker 2: activists as well, yeah, thank you for all of the

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Speaker 2: work that you're doing that and for your advocacy. But yeah,

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Speaker 2: just really dynamic guy. He's wrote books, he's he's done lectures,

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Speaker 2: he's real estate developer. He's actually the CEO of the

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Speaker 2: Tulsa Real Estate Fund, which is the first black real

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Speaker 2: estate crowdfunding equity crowdfunding fund?

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Speaker 5: Is that correct in history?

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Speaker 1: In history? So yeah, we're gonna were gonna go over

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Speaker 1: all of that.

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Speaker 2: But you know, he has a very extensive, very impressive resume,

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Speaker 2: and anybody in the financial literacy circle, especially in our community,

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Speaker 2: you know that he's been a leader four years before

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Speaker 2: a lot of us was involved in social media. I'm

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Speaker 2: a financial advis I just got in social media a

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Speaker 2: couple of years ago, but I saw you before I

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Speaker 2: got involved. So he's definitely been a trailblazer, somebody that

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Speaker 2: we we've all acknowledged as a leader and then trailblazer.

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Speaker 2: So first and foremost, thank you, Thank you for rocking

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Speaker 2: with us, Thank you for joining.

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Speaker 5: Us pleasures, thank you for having me appreciate it.

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Speaker 2: Yeah, for sure, so were gonna jump right into it.

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Speaker 2: So when I first heard about you, it was years ago,

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Speaker 2: and you was a realtor, right, and I guess like

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Speaker 2: a celebrity reltor because I saw you on TV. So

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Speaker 2: we all know your story about you. Know, you was

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Speaker 2: in the streets and you got incarcerated. What made you

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Speaker 2: get into being a realtor first and foremost? And from

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Speaker 2: there how did you transition to actually being an investor?

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Speaker 5: Well, actually I started as an investor first before a realtor, right.

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Speaker 5: So when I left the streets in two thousand and five,

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Speaker 5: I left South tenth in Springfield. I ave in Nork,

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Speaker 5: New Jersey after a ten year dope boy career. When

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Speaker 5: I left the streets, one of the first things I

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Speaker 5: did is I want to acquire a single family home

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Speaker 5: from a tax lane and foreclosure situation. My mom had

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Speaker 5: helped her out of that situation, and we I had

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Speaker 5: built my credit over the years because I learned about

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Speaker 5: building credit and mortgages while I was on parole at

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Speaker 5: twenty two years old in Plainfield, New Jersey. And so

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Speaker 5: by the time I was twenty five years old, and

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Speaker 5: I was ready to retire the dope game and do

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Speaker 5: something different and productive with my life and stop and

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Speaker 5: beat the trap. So I had already purchased a home

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Speaker 5: under my name for my mom because my credit was

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Speaker 5: better than hers. She was facing the foreclosure. And then

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Speaker 5: I went and got my own duplex, my own two

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Speaker 5: family with four acres in land one hundred percent financing.

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Speaker 5: And at that time, and so, as I purchased that property,

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Speaker 5: and I saw the commissions that the realtor made. The

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Speaker 5: realtor made thirteen thousand. He showed me the property twice,

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Speaker 5: I'm like, bro, that thirteen rescued in mind. I can

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Speaker 5: do what he did. You know what I'm saying.

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Speaker 6: I knew at that time I planned on buying more properties.

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Speaker 5: So I'm like, I'm gonna be on this path as

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Speaker 5: an investor in landlord, buying more properties than I need

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Speaker 5: to be in a position to get my get that

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Speaker 5: other check too. And so I went and got my

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Speaker 5: real estate license at that time. And then as I'm

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Speaker 5: going to buy more properties, I also got my mortgage

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Speaker 5: license at that time. So I was a loan officer.

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Speaker 5: I was a realtor, and I was an investor, landlord,

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Speaker 5: and developer breaking into the game. That's where I started

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Speaker 5: the brand mister real Estate back then in like two

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Speaker 5: thousand and five, two thousand and six.

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Speaker 7: And so you went from one medium to the next, right,

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Speaker 7: and what what triggered you said to say, like this

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Speaker 7: is the way I'm going to go, Like I'm going

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Speaker 7: into real estate.

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Speaker 5: I mean, for me, it was a couple of things. One,

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Speaker 5: you know, when I was in the streets my you know,

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Speaker 5: I started selling drugs at fifteen years old. My whole

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Speaker 5: family sold drugs, you know. I mean, my grandfather's so dope,

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Speaker 5: my uncle so adope, my mom's so dope. Like that

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Speaker 5: was just our family trade. And that was a norm

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Speaker 5: for me. And when I was hustling through my teens,

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Speaker 5: and I got locked up at eighteen years old in

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Speaker 5: New York on riverside driving Harlem, facing three years of

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Speaker 5: life in prison for a quarter key, little coke and

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Speaker 5: a loaded handgun. Did a one to three in New York,

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Speaker 5: went upstate cutting down trees for thirteen cents a day,

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Speaker 5: came home on work release in Harlem, a Lincoln work

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Speaker 5: release by Central Park. Went right back to the game

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Speaker 5: like a month later, like I like, I'll get myself

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Speaker 5: two months off some coming home, give myself two months

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Speaker 5: of freedom, and then I'm all right. Listen, just listen.

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Speaker 5: I came home November third and nineteen ninety nine. I

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Speaker 5: got backtrapping January nineteenth of two thousand. I remember the date, wow,

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Speaker 5: and got right back at it and tore it up.

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Speaker 5: But then I caught another charge less than a year later,

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Speaker 5: a drug trafficking charge in Maryland in a secret indictment

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Speaker 5: in New Jersey. Ended up beating part of that because

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Speaker 5: the cops illegally searched my vehicle. Still did prison time

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Speaker 5: about eighteen months between Maryland and New Jersey. Came home

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Speaker 5: from that on intense supervision parole where I had to

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Speaker 5: have this men's group meeting where I learned about mortgages. Okay, still,

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Speaker 5: after I learned about that, I went back to trapping

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Speaker 5: for a few more years. Old, had to stop hard,

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Speaker 5: get rich, you don't trying, and so through all that,

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Speaker 5: my family would be like, hey, Jay, you know my

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Speaker 5: you know, my my daughter was born while I was

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Speaker 5: in prison. My daughter's twenty years old. Now she goes

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Speaker 5: one of the top twenty colleges in the country. She's

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Speaker 5: the first black woman president of her sorority. Like she's phenomenal.

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Speaker 5: But she was born while I was in prison, and

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Speaker 5: my first time seeing her was on a visiting room floor. Wow,

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Speaker 5: my daughter slept with me in trap houses like bagging up,

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Speaker 5: you know. And now she's on to where she's at.

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Speaker 5: But her mother used to say, you know, why can't

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Speaker 5: you stop selling drugs? And it would literally my family

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Speaker 5: would cry to try to get me to stop. And

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Speaker 5: I said, well, when y'all showed me something where I

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Speaker 5: can make the money i'm making now right, live the.

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Speaker 6: Lifestyle that I want to live and feed my family.

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Speaker 5: If y'all showed me that hustle, I'm in until then,

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Speaker 5: shut the fuck up, right, And so don't tell me

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Speaker 5: to stop doing something. You're not giving me another way

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Speaker 5: or another route. I'm not getting a job like that's out,

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Speaker 5: like it's not even happening, so you know what I mean.

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Speaker 5: So anyway, real estate, as I saw the checks that

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Speaker 5: were being made. So when I closed that first two family,

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Speaker 5: I saw the owner of that he owned it for

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Speaker 5: maybe like seven or eight or nine years, but he

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Speaker 5: made a hundred racks. I'm like, wait, he just owned

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Speaker 5: this shit for a few years, got some rental income

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Speaker 5: and cashed out a hunting on me, Like I bought

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Speaker 5: it from him the realtor mad thirteen, He made a hundred,

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Speaker 5: But I'm the one that went here and financed it.

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Speaker 5: And I was like, you know what, this is all right?

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Speaker 5: And then when I bought my mom out of that foreclosure,

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Speaker 5: I helped my mom buy this house FHA financing in

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Speaker 5: ninety nine. When I came home, I gave my mom

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Speaker 5: three grand. She bought a house and someone going to

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Speaker 5: Jersey for one hundred thousand dollars. Three years later the

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Speaker 5: house would have been value one hundred thousand dollars. So

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Speaker 5: when I cut cleared out her foreclosure she was in.

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Speaker 5: We end up selling it and cashing out. Like ninety nine,

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Speaker 5: my mom gave me thirty three thousand just for helping

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Speaker 5: her with a ten grand. Actually yeah, And so I

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Speaker 5: took the thirty three thousand and went about, you know,

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Speaker 5: a bird with it and go back in the streets.

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Speaker 5: But my point is I saw that real estate was lucrative, right.

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Speaker 5: So to answer your question, and this long round of

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Speaker 5: way that was what got me into it. Was like Okay,

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Speaker 5: this real estate thing had some viability here to be

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Speaker 5: my new hustle. And as I was approaching twenty five

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Speaker 5: years old and I'm trapping the North, and I had

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Speaker 5: another close call with the Feds and some other shit,

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Speaker 5: and also I'm like, yo, this is like when I'm thirty.

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Speaker 6: I couldn't see myself being free or alive at thirty.

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Speaker 5: Like I literally t how to picture myself approaching twenty

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Speaker 5: five years old where I was gonna be when I

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Speaker 5: was thirty on, all I could imagine was dead or

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Speaker 5: in jail. I couldn't even see myself balling or knew,

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Speaker 5: you know what I mean. I didn't even see a

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Speaker 5: victory for myself. So I was like, if I can't

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Speaker 5: picture myself winning, I can't continue this this hustle. And

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Speaker 5: so I literally broke my trap flo and I quit

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Speaker 5: like that that day, I thought about the shit. Shit

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Speaker 5: didn't make sense no more. And I literally had cold turkey,

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Speaker 5: I had work left and everything gave it to my

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Speaker 5: man like, yo, I'm out.

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Speaker 3: I mean you have the date in your head, so

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Speaker 3: it's like that that meant something.

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Speaker 5: Like yeah, like I'm out. And so I was like,

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Speaker 5: you know, because I challenged myself. I said, you know,

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Speaker 5: a drug dealer can only sell drugs a true hustle,

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Speaker 5: hustle of anything.

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Speaker 6: And I'm like, yo, am I a drug dealer? Or

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Speaker 6: am I really a hustler?

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Speaker 5: And I was like, so, what would happen if I

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Speaker 5: took all I bro, I grind, I get busy, like

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Speaker 5: my energy, your level is always high. So I'm like,

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Speaker 5: what would happen if I took the same energy twenty

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Speaker 5: four hour ships from the block, the same energy taking trips,

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Speaker 5: you know, all that trips in Nebraska, Maryland I'm talking

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Speaker 5: about'm bro, I'm tearing the highways, up streets, up planes,

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Speaker 5: up trains, all that. I said, what if I took

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Speaker 5: the same innovation, same energy. I'm breaking down work and

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Speaker 5: I'm making pressing machines at welding shops, all type of shit.

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Speaker 6: Bro, Like I'm nuts.

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Speaker 1: So I was like, if I.

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Speaker 5: Take this same innovation and energy, the same charisma and swag,

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Speaker 5: and I put it into the real estate industry, what

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Speaker 5: would happen full time with my full effort, the full

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Speaker 5: court press. And so I said, well, if I'm truly

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Speaker 5: a hustle, let me go see. And that's when I

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Speaker 5: you know, cold Turkey dropped the drug game, got into

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Speaker 5: the real estate game. Started as that landlord, got my

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Speaker 5: real estate license, my mortgage license, end up making my

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Speaker 5: first million and three years in real estate.

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Speaker 1: But so how did you scale?

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Speaker 2: Okay, so that everybody's in real estate, right and there's

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Speaker 2: a lot of real estate agents and realtors mortgage brokers.

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Speaker 2: So all right, you're coming off the streets with no

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Speaker 2: formal education none. You got it from high school?

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Speaker 1: I did.

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Speaker 5: I dropped out of high school eleventh grade and then

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Speaker 5: I went back to the TOPS program for alternative kids,

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Speaker 5: and I graduated from a vocational school.

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Speaker 2: Yeah, okay, all right, so you have that, but you know,

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Speaker 2: really no other formal education. So how do you go

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Speaker 2: from being an ex drug dealer to being a celebrity realtor? Like,

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Speaker 2: you know, I'm assuming you was like in the top

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Speaker 2: ten percent, five percent whatever relator is to you know, whatever,

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Speaker 2: How do you how does that happen?

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Speaker 5: Like? I actually brought my office's highest listing in Fort

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Speaker 5: Lee office, ten million dollars listing from Alpine. It was

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Speaker 5: the highest office listing in my office. I was the

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Speaker 5: first African man in America hired by prominent properties so

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Speaker 5: that he's international realty in all prominent properties.

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Speaker 1: But so how did that happen for you?

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Speaker 2: For your relators that are still realtors themselves, Like how

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Speaker 2: trying to like break through the cause it's a lot

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Speaker 2: of them.

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Speaker 5: So like it's the same in tangible skills brought on

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Speaker 5: matter for it's realtor selling shirts, selling hot throw, selling

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Speaker 5: drug it's the same thing is that I went and

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Speaker 5: found to connect like I'm intentional. When I was a

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Speaker 5: real estate agent and I started off with Keller Williams

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Speaker 5: and being a regular residential agent, and you know, I

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Speaker 5: went through that phase for a few years and then

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Speaker 5: you know, I started actually managing two mortgage companies. As

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Speaker 5: I worked my way up from a loan officer, I

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Speaker 5: just golfed the business. But as I got kind of

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Speaker 5: tired aboard and there's another long story within that which

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Speaker 5: I'll save us. But when I got to the point

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Speaker 5: where I was like, you know what, this ain't really sexy,

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Speaker 5: This ain't really my swag used to be a real

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Speaker 5: estate agent, Like that's just not like this. It ain't

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Speaker 5: really cool to me.

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Speaker 6: So I was like myster reality, like you know what

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Speaker 6: I'm saying.

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Speaker 5: So I'm like, you know what, though, I see these

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Speaker 5: guys on TV doing the high end houses, the million

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Speaker 5: dollar listers and all of that, I'm like.

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Speaker 6: You know what I could dig that, I could get flying,

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Speaker 6: you know, I mean the million dollar lister and MultiMate

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Speaker 6: die houses.

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Speaker 5: So what I did was I googled richest town to

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Speaker 5: New Jersey. Simple, I said, I want to sell high

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Speaker 5: in houses. I want to be a luxury real estate agent.

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Speaker 5: So where the fuck the luxury real estate properties at?

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Speaker 5: So I googled richest town to New Jersey. Alpine, New

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Speaker 5: Jersey came up. I went and took nine interviews in

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Speaker 5: two days in Alpine. And then as I'm up in

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Speaker 5: Alpine seeing all these multi million dollar houses, I see

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Speaker 5: all these blue signs in front of these the biggest houses,

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Speaker 5: and I couldn't even pronounce souther Bees. I know what

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Speaker 5: the fuck that ship was. It was like I did

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Speaker 5: know how to pronounce it. But I'm like, all right,

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Speaker 5: this they winning? Like this other Beast is this blue

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Speaker 5: sign with this s O T H E B Y

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Speaker 5: whatever have you say? That they winning? And so I

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Speaker 5: rode past the Southern Beast branch office in Alpine, and

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Speaker 5: then I walked into the office, and after meeting with

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Speaker 5: a White kerd and Carwell banker and a few other

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Speaker 5: agents branches up there, and the manager of the office,

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Speaker 5: she just fell in love with me and he was married.

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Speaker 5: She just fell in love with me. Was like, oh

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Speaker 5: my god, you're so handsome, You're so that there. I

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Speaker 5: told her my story, I told her everything, the felonies,

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Speaker 5: where I come from, the whole thing, and she was

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Speaker 5: just like, that's so awesome.

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Speaker 3: Around.

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Speaker 6: I love you.

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Speaker 5: So she she talked to the CEO of the company

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Speaker 5: and we had a meeting with them, and I went

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Speaker 5: to the you know, other branch and bro they hired me.

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Speaker 7: So where is there a specific listing that changed the

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Speaker 7: game for you from that being at that physician.

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Speaker 5: Yeah, I mean, I don't think it was so much

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Speaker 5: of a specific listing. What changed the game for me

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Speaker 5: was Southernby's had great branding.

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Speaker 2: Can you explain what somether BEA's is because I'm gonna

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Speaker 2: ask you a question about them, but a lot of

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Speaker 2: people might not know who that actually is.

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Speaker 5: Yeah. So Southeby's International Realty, Well, Southbea't as a company.

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Speaker 5: They function in luxury assets period, so they're mainly an

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Speaker 5: art in the art world, the art, diamonds, and high

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Speaker 5: end real estate. So Southern Beasts throughout the world is

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Speaker 5: known really for their art auctions, for their the diamonds

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Speaker 5: and jewelry, and for their high end luxury real estate,

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Speaker 5: and so that was attractive to me. And so anyway,

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Speaker 5: being at Southerby's, I learned so much about a different

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Speaker 5: level of business infrastructure and a different level of branding

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Speaker 5: and marketing, right, and that's what really changed the game

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Speaker 5: for me. Well, my brand's so like dope, now, you

362
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Speaker 5: know what I mean. It's like I really saw how

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Speaker 5: they package things and and really you know, higher level

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Speaker 5: and and the owner's sun and I don't.

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Speaker 6: Big Actually, I don't really have a grudge with other bees.

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Speaker 5: They asked me to resign, and I get to that

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Speaker 5: story later, but it actually propelled my whole career. So

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Speaker 5: I actually appreciate the blessing and asked me to resign

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Speaker 5: because of my vocalness about being a spokesperson in the

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Speaker 5: black community and it didn't match their brand. But nevertheless,

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Speaker 5: the owner's son, Michael Oppler, he challenged me as I

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Speaker 5: was new in the business and said, okay, listen, you

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Speaker 5: were mister real estate in Central Jersey. You know, it

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Speaker 5: was cool. You were the guy in urban America, but

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Speaker 5: up here don't fly. And he was like, you know,

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Speaker 5: why would someone trust you with their multi million dollar house.

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Speaker 5: What's different from you than all these other agents who

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Speaker 5: live here, who come from here, who don't look like

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Speaker 5: you. You know, what's your why?

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Speaker 6: Why do you want to be here and why do

381
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Speaker 6: you want to do real estate?

382
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Speaker 5: And he sent me a video from some guy on

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Speaker 5: YouTube and some small crowd and the videos like find

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Speaker 5: your wire or whatever, and I watched it and it

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Speaker 5: really touched me and they made me think about So

386
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Speaker 5: they challenged me to bring them a business plan of

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Speaker 5: my why and what I was going to do different

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Speaker 5: as souther Bees if they were to, you know, get

389
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Speaker 5: behind me. And so I said, my why why I'm

390
00:16:01,200 --> 00:16:03,080
Speaker 5: excited about real estate is because the way real estate

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Speaker 5: changed my life. And I want to bridge the gap

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Speaker 5: between real estate and pop culture meaning our culture right,

393
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Speaker 5: pop culture right?

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Speaker 6: And so I made this business plan deck. I still

395
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Speaker 6: have it in my email.

396
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Speaker 5: It had Jay Z and Beyonce on the front and

397
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Speaker 5: it was like bridging the gap between real estate and

398
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Speaker 5: pop culture. And I gave him my business plan of

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Speaker 5: how I was going to impact pop culture and put

400
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Speaker 5: everybody on the real estate. It had everything from teaching

401
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Speaker 5: the high schools, teaching in colleges, doing celebrity events, to

402
00:16:28,120 --> 00:16:30,360
Speaker 5: open houses, to all these creative things that I literally

403
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Speaker 5: do now today. But that was my why, and so

404
00:16:34,040 --> 00:16:37,560
Speaker 5: I had the opportunity through one of my friends at

405
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Speaker 5: the time who was promoting me and supporting me.

406
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Speaker 6: She was just googling and researching online.

407
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Speaker 5: Different networks that had opportunities for realtors, and NBC was

408
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Speaker 5: looking for a realtor for their show Open House NYC.

409
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Speaker 5: And I happened to have a client at the time,

410
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Speaker 5: Mohamed Wilkerson Shout the mo and they were doing their

411
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Speaker 5: Super Bowl edition. So when we hit them, we said, listen,

412
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Speaker 5: I got an NFL client. You know former Jets, Yeah,

413
00:17:06,520 --> 00:17:08,680
Speaker 5: former Jets player. Yeah, I have an NFL client. And

414
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Speaker 5: they were like, oh, perfect, can we bring him on

415
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Speaker 5: for NBC? So I hit him up be like yeah.

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Speaker 5: So I went and showed him too high end properties

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Speaker 5: on NBC and then NBC hit me back like, hey,

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Speaker 5: this is the highest ratings that we had all year,

419
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Speaker 5: Like you know what I mean. We loved doing the show.

420
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Speaker 5: You're so natural can you do anymore? I'm like, all right, cool.

421
00:17:23,440 --> 00:17:27,160
Speaker 5: So then I started taking other clients Angelaouee, Bobby and

422
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Speaker 5: the twins from the forty to forty Club. It was

423
00:17:30,480 --> 00:17:32,600
Speaker 5: my bros. I forgot their name, my bad, But anyway,

424
00:17:32,760 --> 00:17:34,560
Speaker 5: I was taking different people I knew on my network

425
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Speaker 5: on NBC, right, and so I brought that value to

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Speaker 5: Southern Beast as well. So now I'm on NBC representing

427
00:17:41,280 --> 00:17:44,159
Speaker 5: southerbas in front of two to three million viewers every week,

428
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Speaker 5: right as I was featuring and obviously lifting my brand

429
00:17:47,680 --> 00:17:51,200
Speaker 5: at the same time. But during that time, I didn't

430
00:17:51,200 --> 00:17:52,840
Speaker 5: lose track of my why my wife was a bridge

431
00:17:52,880 --> 00:17:55,399
Speaker 5: gap between real estate and pop culture. So I also

432
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Speaker 5: was teaching or going to inner city schools, and I

433
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Speaker 5: started a program called hip Hop to Homeowners where I

434
00:18:00,520 --> 00:18:04,359
Speaker 5: was teaching inner city kids about real estate, mortgages, credit

435
00:18:04,440 --> 00:18:06,280
Speaker 5: and all that. And I did it through a So

436
00:18:06,280 --> 00:18:08,040
Speaker 5: I was thinking, like, Okay, if I want to bridge

437
00:18:08,040 --> 00:18:10,320
Speaker 5: the gap between real estate and pop culture, it's cool

438
00:18:10,320 --> 00:18:12,840
Speaker 5: to teach us, oh hez, but what about the youth

439
00:18:12,960 --> 00:18:14,800
Speaker 5: who could have got this game earlier and been way

440
00:18:14,840 --> 00:18:17,480
Speaker 5: ahead of the game than us. So I was like, well,

441
00:18:17,560 --> 00:18:19,280
Speaker 5: if I was seventeen. How the hell would I want

442
00:18:19,280 --> 00:18:20,840
Speaker 5: to learn real estate? I want want anybody coming and

443
00:18:20,840 --> 00:18:23,359
Speaker 5: give me some boring lectures talk about real estate. So

444
00:18:23,400 --> 00:18:24,840
Speaker 5: I was like, you know what, let's bring some music

445
00:18:24,880 --> 00:18:27,520
Speaker 5: in some giveaways, right, And so I put together a

446
00:18:27,560 --> 00:18:29,840
Speaker 5: program like in one week on my iPad and my crib,

447
00:18:29,960 --> 00:18:32,360
Speaker 5: just put together little keynote, my first little keynote ever

448
00:18:32,359 --> 00:18:36,080
Speaker 5: made in my iPad presentation. And I just that was

449
00:18:36,119 --> 00:18:39,639
Speaker 5: in January and then February. I actually actually January, I

450
00:18:39,680 --> 00:18:42,320
Speaker 5: started calling cold calling school saying, hey, listen, I'm a

451
00:18:42,320 --> 00:18:44,720
Speaker 5: celebrity realtor. I want to teach this game to kids

452
00:18:44,720 --> 00:18:46,760
Speaker 5: in your school. I went to Carter At High School

453
00:18:46,760 --> 00:18:49,400
Speaker 5: in the Jersey Malcolm iciha Baz and Nork Central High

454
00:18:49,440 --> 00:18:52,040
Speaker 5: School in Nork where the Honorable Mayor ros Baraka of

455
00:18:52,080 --> 00:18:54,719
Speaker 5: Nork he once was a principal there. He was a

456
00:18:54,720 --> 00:18:56,800
Speaker 5: principle when I did in school and just thirty I

457
00:18:56,800 --> 00:18:58,760
Speaker 5: did thirty schools in one year where I was teaching

458
00:18:59,240 --> 00:19:01,880
Speaker 5: using DJ Litle, a man of other DJs, rock Away

459
00:19:01,880 --> 00:19:03,960
Speaker 5: a sponsored that giving us giveaways and I was just

460
00:19:04,000 --> 00:19:07,119
Speaker 5: teaching kids about financial literacy and real estate and his

461
00:19:07,240 --> 00:19:09,920
Speaker 5: creative ass assembly and he was really getting it though,

462
00:19:10,200 --> 00:19:12,040
Speaker 5: like four hundred and fifty kids, six hundred kids, eight

463
00:19:12,119 --> 00:19:14,560
Speaker 5: hundred kids, inner city kids who were learning the definition

464
00:19:14,600 --> 00:19:16,760
Speaker 5: of credit, who were learning mortgage right and you know

465
00:19:16,800 --> 00:19:20,000
Speaker 5: all that and so all that again just wound up

466
00:19:20,000 --> 00:19:22,880
Speaker 5: into my why. And what I did uniquely at souther

467
00:19:22,960 --> 00:19:25,480
Speaker 5: Bees was that so you asked me about a listing,

468
00:19:25,480 --> 00:19:27,840
Speaker 5: and it wasn't a listing that set me off. Now,

469
00:19:27,880 --> 00:19:31,080
Speaker 5: I did bring in a high end listing. I beat

470
00:19:31,080 --> 00:19:32,960
Speaker 5: this guy down and brought a timion dollar listing and

471
00:19:33,000 --> 00:19:35,359
Speaker 5: had you know, other real estate activity going on. But

472
00:19:35,440 --> 00:19:38,040
Speaker 5: my focus, I realized, wasn't the real estate. And Southern

473
00:19:38,080 --> 00:19:39,800
Speaker 5: Bees realized that too, like, hey, you know what, you're

474
00:19:39,840 --> 00:19:41,280
Speaker 5: not really focusing on real estate.

475
00:19:41,440 --> 00:19:43,040
Speaker 6: But I was focusing on the why you told me

476
00:19:43,040 --> 00:19:43,440
Speaker 6: to find.

477
00:19:44,119 --> 00:19:45,679
Speaker 5: You know what I'm saying. My why wasn't just the

478
00:19:45,760 --> 00:19:49,680
Speaker 5: list high in houses. My why was the impact of culture.

479
00:19:49,840 --> 00:19:52,360
Speaker 5: And so Southern Beason and I had a brand clash.

480
00:19:52,640 --> 00:19:54,520
Speaker 5: And when I dropped my wake up video on World

481
00:19:54,520 --> 00:19:57,680
Speaker 5: Star telling the community to wake the fuck up and

482
00:19:57,800 --> 00:20:00,680
Speaker 5: get our stuff together, Uh, that's when you know, after

483
00:20:00,680 --> 00:20:02,800
Speaker 5: a few conversations, the CEO was like, yo, you know,

484
00:20:02,880 --> 00:20:04,600
Speaker 5: saw a nine minute video of you've been a spokesman

485
00:20:04,640 --> 00:20:06,879
Speaker 5: for the black community and although you're comfortable with that,

486
00:20:07,000 --> 00:20:10,240
Speaker 5: I am not ask you to resign. And I was like,

487
00:20:10,240 --> 00:20:10,600
Speaker 5: all right.

488
00:20:10,600 --> 00:20:10,879
Speaker 3: Cool.

489
00:20:11,240 --> 00:20:13,320
Speaker 5: At that time, Callwell Banker had asked me to be

490
00:20:13,320 --> 00:20:16,040
Speaker 5: a brand ambassador for them for North America. They want

491
00:20:16,080 --> 00:20:18,200
Speaker 5: to be their brand abassador for North America of Callwell Banker.

492
00:20:18,240 --> 00:20:20,160
Speaker 5: So we had those conversations. I went over to Colworld Banker.

493
00:20:20,480 --> 00:20:22,040
Speaker 5: That didn't work out, and I was like, you know what,

494
00:20:22,400 --> 00:20:25,080
Speaker 5: I think I'm done with this realtor thing. I think

495
00:20:25,080 --> 00:20:27,600
Speaker 5: it's time for me to really pursue what I really

496
00:20:27,640 --> 00:20:30,879
Speaker 5: want to do. And I also realized while showing a

497
00:20:30,880 --> 00:20:33,200
Speaker 5: lot of NFL guys and NBA guys houses and all

498
00:20:33,240 --> 00:20:35,199
Speaker 5: that kind of stuff, I'm like, wait, bro, I just

499
00:20:35,240 --> 00:20:38,720
Speaker 5: showed you thirteen houses. I'm a great consultant. I asked

500
00:20:38,760 --> 00:20:41,440
Speaker 5: you every question first, so I knew exactly what you wanted.

501
00:20:41,600 --> 00:20:43,639
Speaker 5: I gave you everything you wanted. You brought your girls,

502
00:20:43,680 --> 00:20:45,680
Speaker 5: she liked it. Then you had to follow your mother

503
00:20:45,720 --> 00:20:47,320
Speaker 5: in law in and then she didn't like you to

504
00:20:47,320 --> 00:20:49,040
Speaker 5: go back to the drawing board and another one. So

505
00:20:49,080 --> 00:20:51,520
Speaker 5: I'm like, wait, I just spent like three days in

506
00:20:51,560 --> 00:20:53,600
Speaker 5: my life showing you houses and hopes to get a

507
00:20:53,600 --> 00:20:55,879
Speaker 5: commission all for you to say, you know what, bro,

508
00:20:55,920 --> 00:20:57,040
Speaker 5: I don't wait till after the season.

509
00:20:57,200 --> 00:20:57,560
Speaker 3: I'm good.

510
00:20:57,840 --> 00:20:58,960
Speaker 5: I was like, you know what, this is not the

511
00:20:58,960 --> 00:21:01,560
Speaker 5: best opportunity to call some time. I was like, I

512
00:21:01,640 --> 00:21:03,080
Speaker 5: know how to invest, I know how to get real

513
00:21:03,160 --> 00:21:05,680
Speaker 5: estate money. Why would I spend time showing you forty

514
00:21:05,680 --> 00:21:07,879
Speaker 5: houses to hopefully get a commissioned? And I say that

515
00:21:07,880 --> 00:21:10,080
Speaker 5: at the same time to go get a fix and

516
00:21:10,080 --> 00:21:13,440
Speaker 5: flip with development a lot myself and go make even

517
00:21:13,480 --> 00:21:15,640
Speaker 5: more money. And so it just dawned on me that

518
00:21:15,840 --> 00:21:18,040
Speaker 5: what I wanted to do I was going about it backwards.

519
00:21:18,040 --> 00:21:20,199
Speaker 5: It was a great entry going as a realtor, but

520
00:21:20,240 --> 00:21:21,800
Speaker 5: it's not I didn't want to be a celebrity realtor

521
00:21:21,840 --> 00:21:24,479
Speaker 5: and that's how I came and built part of my brand.

522
00:21:24,520 --> 00:21:26,479
Speaker 5: But it was like, no, I mean, I'm a developer,

523
00:21:26,520 --> 00:21:28,159
Speaker 5: I'm a hustler, I'm a builder, I'm you know what

524
00:21:28,160 --> 00:21:31,800
Speaker 5: I mean? Like, I'm not just that, And so I

525
00:21:31,840 --> 00:21:35,399
Speaker 5: segued in into focusing back on my real estate investment company.

526
00:21:35,400 --> 00:21:38,120
Speaker 5: I then launched to J Morrison Academy in January of

527
00:21:38,200 --> 00:21:42,879
Speaker 5: twenty fourteen and got into full blown education, put our

528
00:21:42,920 --> 00:21:44,200
Speaker 5: curriculum together and all that other times.

529
00:21:44,200 --> 00:21:47,119
Speaker 7: So the root of the Jay Morrison Academy that was

530
00:21:47,119 --> 00:21:50,200
Speaker 7: based off the programs you were doing in the city's schools.

531
00:21:49,840 --> 00:21:51,359
Speaker 3: In Newark, New Jersey.

532
00:21:51,800 --> 00:21:54,080
Speaker 5: Yeah, so that was like so actually the root of

533
00:21:54,119 --> 00:21:57,080
Speaker 5: Jay Morrison Academy was the world Star video. I got

534
00:21:57,160 --> 00:21:58,680
Speaker 5: so many that that world Star video is like a

535
00:21:58,720 --> 00:22:00,720
Speaker 5: quarter million views the first day to wake up to

536
00:22:00,760 --> 00:22:03,320
Speaker 5: wake up, yeah, back in the May back and I

537
00:22:03,359 --> 00:22:06,040
Speaker 5: got so many emails of people like, Yo, bro, how

538
00:22:06,040 --> 00:22:07,880
Speaker 5: can I get mentor by you? Bro? I stop gang

539
00:22:07,920 --> 00:22:10,679
Speaker 5: banging because of you. Bro. That shit makes sense bro right,

540
00:22:10,960 --> 00:22:13,159
Speaker 5: And so I'm like, damn, I can't mentor all these people.

541
00:22:13,560 --> 00:22:15,080
Speaker 6: And so I was like, Yo, how do I I

542
00:22:15,160 --> 00:22:15,680
Speaker 6: know the game?

543
00:22:15,760 --> 00:22:15,920
Speaker 5: Though?

544
00:22:15,960 --> 00:22:16,360
Speaker 8: Like bro?

545
00:22:16,440 --> 00:22:18,919
Speaker 6: I literally transitioned out of the street from from the

546
00:22:19,080 --> 00:22:20,080
Speaker 6: from the mud, like bro.

547
00:22:20,160 --> 00:22:22,240
Speaker 5: I had no corporate etiquette, no professional etiquette, Like I

548
00:22:22,280 --> 00:22:23,960
Speaker 5: don't know how to send an email in two thousand

549
00:22:23,960 --> 00:22:24,960
Speaker 5: and five, and I got in a real estate that

550
00:22:25,000 --> 00:22:27,280
Speaker 5: like such an email up on what? Like how you

551
00:22:27,320 --> 00:22:27,640
Speaker 5: do that?

552
00:22:29,280 --> 00:22:30,119
Speaker 1: Like you know what?

553
00:22:30,760 --> 00:22:32,800
Speaker 5: So I've built this and I built myself up from

554
00:22:32,800 --> 00:22:35,359
Speaker 5: the from the from the ground, and so I knew

555
00:22:35,359 --> 00:22:37,879
Speaker 5: I could give back in and pack people, but I

556
00:22:37,880 --> 00:22:40,280
Speaker 5: didn't know what vehicle to do that, and one on one,

557
00:22:40,520 --> 00:22:42,840
Speaker 5: I mean, I only got so much capacity. And so

558
00:22:42,960 --> 00:22:44,760
Speaker 5: that's when I was like, Okay, I didn't know what's

559
00:22:44,760 --> 00:22:47,080
Speaker 5: called the curriculum back then, but I was like, okay'mnna

560
00:22:47,080 --> 00:22:47,800
Speaker 5: put together.

561
00:22:48,080 --> 00:22:50,639
Speaker 6: Like I'm an automate, like what I know. So I'm

562
00:22:50,640 --> 00:22:52,919
Speaker 6: gonna teach what I know. I'm gonna record it.

563
00:22:53,119 --> 00:22:55,200
Speaker 5: I'm gonna do mentorship calls every week so people don't

564
00:22:55,200 --> 00:22:56,960
Speaker 5: just don't watch videos like YouTube, but you actually can

565
00:22:56,960 --> 00:22:58,480
Speaker 5: call me every week and get mentorship.

566
00:22:58,680 --> 00:23:00,800
Speaker 6: So I opened up a group mentorship, I'll put.

567
00:23:00,720 --> 00:23:03,680
Speaker 5: Together curriculum, got with some developers, put together our school

568
00:23:03,720 --> 00:23:06,800
Speaker 5: website that I thought of the idea of November twenty thirteen.

569
00:23:07,119 --> 00:23:09,960
Speaker 5: We did a soft launched December twenty thirteen. We launched

570
00:23:10,040 --> 00:23:13,159
Speaker 5: our school January eighth of twenty fourteen, and since then

571
00:23:13,200 --> 00:23:15,600
Speaker 5: had over eighty thousand students. Are now in five hundred

572
00:23:15,600 --> 00:23:18,199
Speaker 5: top ten educational companies in the country. Wow for in

573
00:23:18,240 --> 00:23:18,880
Speaker 5: real life.

574
00:23:20,000 --> 00:23:21,600
Speaker 2: All right, So now we got the backstory. So on

575
00:23:21,680 --> 00:23:23,639
Speaker 2: the next segment, we're going to go into some gyms,

576
00:23:23,640 --> 00:23:26,520
Speaker 2: and get some education in real estate because that's what

577
00:23:26,520 --> 00:23:29,159
Speaker 2: we had, That's what I do, all right, So now

578
00:23:29,200 --> 00:23:31,600
Speaker 2: we're going to talk about some some key terms because

579
00:23:31,600 --> 00:23:33,640
Speaker 2: we had we had a couple of real estate episodes,

580
00:23:33,640 --> 00:23:37,000
Speaker 2: but each real estate episode is different. And I jotted

581
00:23:37,040 --> 00:23:39,440
Speaker 2: down some stuff that AI got from your page and

582
00:23:39,480 --> 00:23:41,440
Speaker 2: b that we haven't coverage yet, so I think it'll

583
00:23:41,480 --> 00:23:43,240
Speaker 2: be good information. So first thing I want to talk

584
00:23:43,240 --> 00:23:45,679
Speaker 2: about is a helock, right, and I saw in your

585
00:23:45,680 --> 00:23:47,840
Speaker 2: page you had something about refive versus helock. So we

586
00:23:47,840 --> 00:23:49,959
Speaker 2: talked about the refive, But can you explain he lock?

587
00:23:50,000 --> 00:23:52,080
Speaker 2: We haven't covered helocks yet, can you explain, Well, what

588
00:23:52,200 --> 00:23:52,359
Speaker 2: is it?

589
00:23:52,600 --> 00:23:53,879
Speaker 1: Helock? You can stand for all right?

590
00:23:53,880 --> 00:23:57,960
Speaker 5: So he lock is home equity line of credit and

591
00:23:58,520 --> 00:24:01,520
Speaker 5: it's a way to tap into your equity without restarting

592
00:24:01,520 --> 00:24:04,119
Speaker 5: your mortgage again. So like with a refinance, you're getting

593
00:24:04,119 --> 00:24:06,520
Speaker 5: a whole new loan, whole new mortgage. So you could

594
00:24:06,560 --> 00:24:08,560
Speaker 5: have paid your house down for the last seventeen years

595
00:24:08,840 --> 00:24:11,119
Speaker 5: and you get a refinance, you back to zero on

596
00:24:11,160 --> 00:24:14,320
Speaker 5: a thirty year mortgage to tap into your equity. With

597
00:24:14,400 --> 00:24:17,040
Speaker 5: a helock, you can tap into your equity keeping your

598
00:24:17,040 --> 00:24:20,240
Speaker 5: existing mortgage. But now you put a second mortgage or

599
00:24:20,280 --> 00:24:23,119
Speaker 5: a mortgage piggybacking that mortgage right behind it, and you

600
00:24:23,160 --> 00:24:25,920
Speaker 5: can tap into your equity that way through a second mortgage,

601
00:24:25,960 --> 00:24:29,320
Speaker 5: not resetting your first mortgage. And with a helock, it's

602
00:24:29,320 --> 00:24:31,639
Speaker 5: a home equity line of credit. So it's not a

603
00:24:31,680 --> 00:24:34,399
Speaker 5: new loan, but it's a line you can tap into.

604
00:24:34,480 --> 00:24:36,600
Speaker 5: So with the refinance, you gotta start paying on that

605
00:24:36,600 --> 00:24:39,720
Speaker 5: capital the day you refinance, right that whole new loan.

606
00:24:39,800 --> 00:24:42,040
Speaker 5: With a helock, it just says, hey, I got access

607
00:24:42,080 --> 00:24:44,800
Speaker 5: to the seventy grand, and I only pay on whatever

608
00:24:44,840 --> 00:24:47,000
Speaker 5: I use of that seventy grand. So if I find

609
00:24:47,040 --> 00:24:49,960
Speaker 5: a property in Detroit that I can go acquire for

610
00:24:50,000 --> 00:24:53,120
Speaker 5: eleven thousand and put twenty thousand into and flip, I'm

611
00:24:53,119 --> 00:24:55,160
Speaker 5: only gonna pay on twenty one thousand I borrowed from

612
00:24:55,160 --> 00:24:57,600
Speaker 5: the helock, As opposed if I have refinance and pull

613
00:24:57,680 --> 00:24:59,920
Speaker 5: seventy thousand, now I'm paying interest on that whole seven

614
00:25:00,119 --> 00:25:02,080
Speaker 5: d or the helock, you're only paying interest when they

615
00:25:02,080 --> 00:25:02,640
Speaker 5: mount you used.

616
00:25:02,680 --> 00:25:05,040
Speaker 7: Is it a separate statement when you get your Yes,

617
00:25:05,040 --> 00:25:07,200
Speaker 7: it's a complete pole separate loan.

618
00:25:07,240 --> 00:25:09,960
Speaker 5: It is a second loan to your existing loan.

619
00:25:10,080 --> 00:25:11,760
Speaker 2: But does it still go off of the equity, all right,

620
00:25:11,800 --> 00:25:13,720
Speaker 2: So the REFI is like, you have a two hundred

621
00:25:13,760 --> 00:25:15,760
Speaker 2: thousand dollars house and it goes up to four hundred thousand.

622
00:25:15,760 --> 00:25:17,280
Speaker 2: Now you have two hundred thousand dollars in equity, you

623
00:25:17,280 --> 00:25:18,320
Speaker 2: can be five from that?

624
00:25:18,400 --> 00:25:21,560
Speaker 1: Right? Is the he lock still based off of that equity.

625
00:25:21,359 --> 00:25:23,920
Speaker 5: Or well, let's let's correct that this is a big

626
00:25:24,320 --> 00:25:27,720
Speaker 5: misunderstanding that we teach in the J. Morrison Academy for

627
00:25:27,760 --> 00:25:30,040
Speaker 5: our students. Many times we think that Okay, I got

628
00:25:30,040 --> 00:25:32,240
Speaker 5: a house that's two hundred thousand, right that I owe

629
00:25:32,680 --> 00:25:34,240
Speaker 5: and it's worth four hundred thousand.

630
00:25:34,400 --> 00:25:36,480
Speaker 6: Right, You're like, yo, bro, got two hundred thousand equity?

631
00:25:36,480 --> 00:25:38,680
Speaker 5: What could I do? You got two hundred thousand dollars

632
00:25:38,680 --> 00:25:40,560
Speaker 5: in equity, but you don't have two undred thousand equity

633
00:25:40,560 --> 00:25:43,160
Speaker 5: that you can use. Right. So the banks have something

634
00:25:43,160 --> 00:25:45,840
Speaker 5: called a loan to value what we call LTV. Right,

635
00:25:45,880 --> 00:25:48,199
Speaker 5: So you here term LTV. It means loan to value.

636
00:25:48,640 --> 00:25:51,639
Speaker 5: And so the banks may say, will lend you eighty

637
00:25:51,720 --> 00:25:55,000
Speaker 5: percent LTV or eighty percent loan to value. So if

638
00:25:55,040 --> 00:25:57,199
Speaker 5: the value of your home is four hundred thousand, the

639
00:25:57,240 --> 00:25:58,879
Speaker 5: bank's saying we'll give you eighty percent of that four

640
00:25:58,960 --> 00:26:02,480
Speaker 5: hundred thousand, which which is three sixty. So if you

641
00:26:02,520 --> 00:26:04,920
Speaker 5: owe two hundred and the bank's only going to loan

642
00:26:04,960 --> 00:26:07,159
Speaker 5: you eighty percent of your value, which is three sixty,

643
00:26:08,040 --> 00:26:12,440
Speaker 5: that means you really got one sixty inequity you can use, right,

644
00:26:12,480 --> 00:26:15,680
Speaker 5: so you don't get the full two hundred, right, same

645
00:26:15,720 --> 00:26:18,240
Speaker 5: thing with a helock, though the bank says, hey, we're

646
00:26:18,240 --> 00:26:20,439
Speaker 5: going to give you an eighty percent LTV on your helock,

647
00:26:20,720 --> 00:26:22,440
Speaker 5: then that means you get eighty percent of that four

648
00:26:22,520 --> 00:26:25,679
Speaker 5: hundred three sixty. But now we're not gonna reset your mortgage.

649
00:26:25,720 --> 00:26:27,520
Speaker 5: You still owe the same two hundred, but will give

650
00:26:27,520 --> 00:26:29,720
Speaker 5: you a credit line for the one sixty, and you

651
00:26:29,800 --> 00:26:31,840
Speaker 5: only pay on what you use that one sixty. Whenever

652
00:26:31,880 --> 00:26:33,479
Speaker 5: you use it. You could pay it back down, use

653
00:26:33,520 --> 00:26:35,439
Speaker 5: it again, pay it back down, use it again, and

654
00:26:35,480 --> 00:26:37,440
Speaker 5: you only pay on what you use. But it's only

655
00:26:37,480 --> 00:26:39,840
Speaker 5: based on the LTV of the house. You do not

656
00:26:39,880 --> 00:26:42,000
Speaker 5: get the full value of your equity unless a bank

657
00:26:42,080 --> 00:26:44,680
Speaker 5: is giving you one hundred percent LTV.

658
00:26:44,920 --> 00:26:48,919
Speaker 2: So all right, each person situation is different, but is

659
00:26:49,000 --> 00:26:50,679
Speaker 2: one better than the other in your opinion?

660
00:26:50,840 --> 00:26:58,840
Speaker 5: Or there's in a blanket statement, I would say the

661
00:26:58,920 --> 00:27:01,480
Speaker 5: helock is more preferred in a blanket statement. I don't

662
00:27:01,480 --> 00:27:03,320
Speaker 5: really like blanket statements because I believe, like what you

663
00:27:03,440 --> 00:27:05,399
Speaker 5: just said, every scenario is different, which is why I

664
00:27:05,480 --> 00:27:07,160
Speaker 5: believe in being an informed investor.

665
00:27:07,760 --> 00:27:09,679
Speaker 6: If you know how a refile works.

666
00:27:09,400 --> 00:27:11,080
Speaker 5: In a pros to cons and you know how a

667
00:27:11,080 --> 00:27:13,160
Speaker 5: helock works in the pros and cons, based on your

668
00:27:13,160 --> 00:27:16,760
Speaker 5: specific scenario in situation, you can choose what makes more sense.

669
00:27:17,280 --> 00:27:20,080
Speaker 5: For instance, you may only have been in your house

670
00:27:20,119 --> 00:27:23,040
Speaker 5: for a year and a half and now you can

671
00:27:23,080 --> 00:27:26,080
Speaker 5: get a refinance at a five and a half percent

672
00:27:26,200 --> 00:27:30,840
Speaker 5: rate of your equity at an eighty five LTV. You

673
00:27:30,880 --> 00:27:32,399
Speaker 5: go to the bank and you want a helock, they

674
00:27:32,400 --> 00:27:34,359
Speaker 5: may say, we'd only give you an eighty percent LTV,

675
00:27:34,400 --> 00:27:36,560
Speaker 5: which is less equity you tap into, and we're gonna

676
00:27:36,640 --> 00:27:38,920
Speaker 5: charge you a seven and a half percent rate. Being

677
00:27:38,960 --> 00:27:40,440
Speaker 5: that you've only been in your property for a year

678
00:27:40,440 --> 00:27:42,640
Speaker 5: and a half, you might want to take the refinance,

679
00:27:42,640 --> 00:27:46,400
Speaker 5: which is cheaper interest and more equity you can tap into,

680
00:27:46,640 --> 00:27:49,679
Speaker 5: and you're only restarting your mortgage by one year. So

681
00:27:49,720 --> 00:27:51,720
Speaker 5: depending on your scenario, when you're informed, you could make

682
00:27:51,720 --> 00:27:52,600
Speaker 5: strategic decisions.

683
00:27:52,960 --> 00:27:55,200
Speaker 7: Is it based So typically are the interest rate a

684
00:27:55,240 --> 00:27:57,679
Speaker 7: little higher on a helock or does it depend on

685
00:27:57,680 --> 00:27:58,240
Speaker 7: a scenario.

686
00:27:58,600 --> 00:28:00,840
Speaker 5: Yeah, most times you'll find it the he lock is

687
00:28:00,920 --> 00:28:04,400
Speaker 5: higher because it's a second mortgage. So what that means

688
00:28:04,480 --> 00:28:06,679
Speaker 5: we have a second mortgage is that if you were

689
00:28:06,720 --> 00:28:10,160
Speaker 5: to foreclosed or default on your loan, the first mortgage

690
00:28:10,160 --> 00:28:14,040
Speaker 5: gets paid first. The second mortgage only gets the leftovers.

691
00:28:14,560 --> 00:28:17,560
Speaker 5: So as a second mortgage lender, you take more risk

692
00:28:17,760 --> 00:28:20,920
Speaker 5: having a second because you may not get paid if

693
00:28:20,920 --> 00:28:23,320
Speaker 5: things go bad. So if I'm a lender, which I

694
00:28:23,320 --> 00:28:26,520
Speaker 5: am a private lender, If I'm a lender and you

695
00:28:26,600 --> 00:28:28,479
Speaker 5: want a second mortgage from me, I'm not gonna give

696
00:28:28,480 --> 00:28:30,680
Speaker 5: you the same rate as your first mortgage. I'm taking

697
00:28:30,720 --> 00:28:34,040
Speaker 5: more risk. So he locked can be and typically may

698
00:28:34,080 --> 00:28:38,080
Speaker 5: be more expensive than your first mortgage, refire or traditional lungs.

699
00:28:38,120 --> 00:28:41,360
Speaker 1: So you're a private lendings, I sure am hard money loans.

700
00:28:41,320 --> 00:28:45,080
Speaker 5: Hard money, soft money, creative financing, joint ventures, mezzanine financing,

701
00:28:45,120 --> 00:28:47,280
Speaker 5: gap financing, constructing funding, all that.

702
00:28:47,520 --> 00:28:50,880
Speaker 1: And that's commercial that. That's the Tulsa Fund.

703
00:28:50,920 --> 00:28:52,920
Speaker 5: That's what Tosa Real Estate Fund are. We are a

704
00:28:52,960 --> 00:28:56,000
Speaker 5: private lender and we are a development company. We're a

705
00:28:56,040 --> 00:28:57,040
Speaker 5: full blown investment company.

706
00:28:57,080 --> 00:28:58,360
Speaker 2: All right, So we'll talk about that in a sex

707
00:28:58,360 --> 00:29:00,720
Speaker 2: segment for sure. So what about segregation?

708
00:29:00,960 --> 00:29:06,920
Speaker 5: What's that? All right? So, coll segregation is a tax

709
00:29:06,960 --> 00:29:12,080
Speaker 5: strategy or tax vehicle you can use when as a

710
00:29:12,120 --> 00:29:16,640
Speaker 5: full time investor real estate investor, you can basically call

711
00:29:16,800 --> 00:29:20,920
Speaker 5: segregate means you can deduct the personal tangible property of

712
00:29:20,960 --> 00:29:21,480
Speaker 5: an asset.

713
00:29:21,520 --> 00:29:22,600
Speaker 6: So right now, we're in this.

714
00:29:22,600 --> 00:29:27,360
Speaker 5: Building, right the owners of this building can deduct anything

715
00:29:27,400 --> 00:29:29,520
Speaker 5: in this building they can take off with a screwdriver

716
00:29:29,680 --> 00:29:32,240
Speaker 5: and a hammer from their earned income. So if the

717
00:29:32,240 --> 00:29:34,440
Speaker 5: owners of this building were wealthy and they made you know,

718
00:29:34,480 --> 00:29:37,440
Speaker 5: they're making ten million dollars a year, but they own

719
00:29:37,520 --> 00:29:39,960
Speaker 5: this whole asset, and it's all these doors in here,

720
00:29:40,320 --> 00:29:46,280
Speaker 5: every single door, every knob, every stairwell, every hvac, everything,

721
00:29:46,600 --> 00:29:49,360
Speaker 5: every cabinet that they can take take off of a

722
00:29:49,400 --> 00:29:52,000
Speaker 5: screwdriver and hammer. They can take the value of that

723
00:29:52,320 --> 00:29:56,200
Speaker 5: and deduct it from their earned income, therefore reporting less

724
00:29:56,240 --> 00:30:01,320
Speaker 5: earned income, therefore paying less taxes and mitigating or minimizing

725
00:30:01,320 --> 00:30:02,160
Speaker 5: their tax exposure.

726
00:30:02,640 --> 00:30:04,160
Speaker 3: How about the acronym IRR.

727
00:30:05,080 --> 00:30:10,120
Speaker 5: Okay, IRR is internal rate of return. IRR is basically

728
00:30:10,200 --> 00:30:15,200
Speaker 5: an ROI, but calculating the importance significance of time in

729
00:30:15,240 --> 00:30:24,000
Speaker 5: an ROI. So if for instance, we invested in something

730
00:30:24,040 --> 00:30:27,320
Speaker 5: today and we flipped it this year, made thirty three percent,

731
00:30:28,280 --> 00:30:31,360
Speaker 5: that's thirty or even if we made thirty percent right

732
00:30:31,480 --> 00:30:34,520
Speaker 5: in one year. So ROI is annualized, right, So we

733
00:30:34,560 --> 00:30:37,280
Speaker 5: made thirty percent in one year. Let's say we made

734
00:30:37,320 --> 00:30:41,680
Speaker 5: fifteen thousand and six months. Fifteen thousand and six months

735
00:30:42,000 --> 00:30:44,840
Speaker 5: is equivalent to an IRR thirty thousand in one year.

736
00:30:44,920 --> 00:30:46,720
Speaker 5: It's saying if I were to do this again for

737
00:30:46,760 --> 00:30:49,920
Speaker 5: the same six months, right, will be thirty thousand duplicated. Right,

738
00:30:50,000 --> 00:30:51,960
Speaker 5: So now if you have thirty thousand in one year

739
00:30:52,200 --> 00:30:54,959
Speaker 5: as an ROI. But now let's say you made the

740
00:30:55,000 --> 00:30:57,280
Speaker 5: same money, but it took you two years to make

741
00:30:57,280 --> 00:31:00,480
Speaker 5: the same money, So now you're IRR over two years

742
00:31:00,520 --> 00:31:03,640
Speaker 5: would be fifteen percent, right, because now you're looking at

743
00:31:03,760 --> 00:31:05,960
Speaker 5: me thirty percent on one year. But now if I

744
00:31:06,000 --> 00:31:08,800
Speaker 5: break it up over two years, right, the ROI on

745
00:31:08,880 --> 00:31:12,120
Speaker 5: it considering time is now fifteen percent. Now if it's

746
00:31:12,160 --> 00:31:14,640
Speaker 5: three years, is broken up, and now you've made maybe

747
00:31:14,640 --> 00:31:17,320
Speaker 5: ten percent or whatever that number may be, right, Yeah,

748
00:31:17,360 --> 00:31:19,480
Speaker 5: and then et cetera, et cetera, et cetera. So there's

749
00:31:19,520 --> 00:31:21,360
Speaker 5: forms you can use on your calculator. I don't try

750
00:31:21,400 --> 00:31:23,160
Speaker 5: to do the math, you know myself in my head.

751
00:31:23,200 --> 00:31:26,000
Speaker 5: But what IRR does is it calculates your return on

752
00:31:26,120 --> 00:31:29,840
Speaker 5: investment considering the opportunity cost of your capital over time.

753
00:31:30,520 --> 00:31:32,520
Speaker 1: So all right, the next one.

754
00:31:32,320 --> 00:31:33,640
Speaker 6: And guess what, I never went to college.

755
00:31:34,280 --> 00:31:36,520
Speaker 2: The next one is for our pun Mike. He's not head,

756
00:31:36,560 --> 00:31:38,840
Speaker 2: but he always we talked about two or three K

757
00:31:38,880 --> 00:31:40,719
Speaker 2: loans a lot. He still doesn't understand what a two

758
00:31:40,720 --> 00:31:42,480
Speaker 2: of three K loan is. I try to explain it

759
00:31:42,520 --> 00:31:43,360
Speaker 2: to him, but maybe you could do.

760
00:31:43,320 --> 00:31:46,360
Speaker 1: A better job. You explain what a two of three

761
00:31:46,400 --> 00:31:47,000
Speaker 1: K loan is.

762
00:31:47,240 --> 00:31:50,440
Speaker 5: Sure, So a two of three K loan is a

763
00:31:50,480 --> 00:31:54,160
Speaker 5: renovation loan. It's a it's an FHA backed renovation loan

764
00:31:54,200 --> 00:31:56,200
Speaker 5: which allows you to typically put between three and three

765
00:31:56,240 --> 00:31:58,200
Speaker 5: and a half percent down on a property. But the

766
00:31:58,240 --> 00:32:01,400
Speaker 5: most important part is that they will cover the construction

767
00:32:01,640 --> 00:32:04,520
Speaker 5: costs or the building costs or build out costs of

768
00:32:04,560 --> 00:32:07,040
Speaker 5: your assets. So it means you're getting the acquisition money,

769
00:32:07,040 --> 00:32:10,160
Speaker 5: the purchase money, and you're getting their renovation or fixed

770
00:32:10,160 --> 00:32:14,040
Speaker 5: money the construction money. You're getting all that from your

771
00:32:14,160 --> 00:32:17,800
Speaker 5: lender and you're still using one down payment. You'll get

772
00:32:17,800 --> 00:32:20,880
Speaker 5: the money and what's called draws or installments. They want

773
00:32:20,880 --> 00:32:22,320
Speaker 5: to make sure you're not just blowing it and you're

774
00:32:22,360 --> 00:32:25,360
Speaker 5: doing the right construction. But fah.

775
00:32:26,720 --> 00:32:28,960
Speaker 7: This episode is brought to you by P and C Bank.

776
00:32:29,360 --> 00:32:32,120
Speaker 7: A lot of people think podcasts about work are boring,

777
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778
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779
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780
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Speaker 3: It's like banking with P and C Bank.

781
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782
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783
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784
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785
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786
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787
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788
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789
00:33:10,240 --> 00:33:10,600
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790
00:33:10,680 --> 00:33:13,160
Speaker 7: You ever walk into a small business and everything just

791
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792
00:33:17,000 --> 00:33:20,000
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793
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794
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795
00:33:26,880 --> 00:33:30,120
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796
00:33:30,160 --> 00:33:32,440
Speaker 7: at a pop up market, or even one of our

797
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798
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Speaker 7: manage inventory, and run their business with confidence, all from

799
00:33:40,200 --> 00:33:43,600
Speaker 7: one simple system. If you're a business owner or even

800
00:33:43,680 --> 00:33:47,200
Speaker 7: just thinking about launching something soon, Square is hands down

801
00:33:47,240 --> 00:33:49,600
Speaker 7: one of the best tools out there to help you start,

802
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803
00:33:53,560 --> 00:33:56,120
Speaker 7: giving you time back so you can focus.

804
00:33:55,760 --> 00:33:57,360
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805
00:33:57,360 --> 00:34:00,760
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806
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807
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808
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809
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810
00:34:16,960 --> 00:34:20,640
Speaker 9: An illegal alien from Guatemala charged with raping a child

811
00:34:20,680 --> 00:34:24,480
Speaker 9: in Massachusetts. An MS thirteen gang member from Al Salvador

812
00:34:24,719 --> 00:34:28,840
Speaker 9: accused of murdering a Texas. Man of Venezuelan charged with

813
00:34:28,920 --> 00:34:32,799
Speaker 9: filming and selling child pornography in Michigan. These are just

814
00:34:32,920 --> 00:34:36,680
Speaker 9: some of the heinous migrant criminals caught because of President

815
00:34:36,719 --> 00:34:40,239
Speaker 9: Donald J. Trump's leadership. I'm Christy Noman, the United States

816
00:34:40,320 --> 00:34:45,080
Speaker 9: Secretary of Homeland Security. Under President Trump, attempted illegal border

817
00:34:45,120 --> 00:34:48,680
Speaker 9: crossings are at the lowest levels ever recorded, and over

818
00:34:48,760 --> 00:34:51,960
Speaker 9: one hundred thousand illegal aliens have been arrested. If you

819
00:34:52,040 --> 00:34:55,880
Speaker 9: are here illegally, your next you will be fined nearly

820
00:34:55,960 --> 00:34:59,879
Speaker 9: one thousand dollars a day, imprisoned, and deported. You will

821
00:35:00,120 --> 00:35:03,680
Speaker 9: never return. But if you register using our CBP home

822
00:35:03,719 --> 00:35:07,080
Speaker 9: app and leave now, you could be allowed to return legally.

823
00:35:07,480 --> 00:35:12,200
Speaker 9: Do what's right. Leave now. Under President Trump, America's laws,

824
00:35:12,360 --> 00:35:14,800
Speaker 9: border and families will be protected.

825
00:35:14,920 --> 00:35:17,319
Speaker 5: Sponsored by the United States Department of Homeland Security JAY

826
00:35:17,440 --> 00:35:20,640
Speaker 5: or your banks will cover up to ninety six and

827
00:35:20,680 --> 00:35:23,080
Speaker 5: a half percent or whatever their guidelines are of your

828
00:35:23,160 --> 00:35:25,799
Speaker 5: acquisition and the full rehab under a two or three

829
00:35:25,920 --> 00:35:28,000
Speaker 5: K loan, So you get to buy the property one

830
00:35:28,040 --> 00:35:30,360
Speaker 5: to four units, even one to four units with a

831
00:35:30,400 --> 00:35:33,040
Speaker 5: store attached. You can buy the asset and fix it

832
00:35:33,120 --> 00:35:35,120
Speaker 5: up all within one loan for as little as three

833
00:35:35,160 --> 00:35:36,560
Speaker 5: and a half or three percent down, and you have

834
00:35:36,600 --> 00:35:38,520
Speaker 5: to live with that property. It must be an owner,

835
00:35:38,560 --> 00:35:41,880
Speaker 5: It must be an owner occupied property. Owner occupied residents.

836
00:35:41,960 --> 00:35:43,839
Speaker 2: So when you're looking at a property, right you talk

837
00:35:43,880 --> 00:35:47,000
Speaker 2: about ROI. People hear about ROI a lot, Like, what

838
00:35:47,040 --> 00:35:47,560
Speaker 2: does that mean?

839
00:35:48,160 --> 00:35:53,320
Speaker 5: Means everything? ROI is the root of money, is a

840
00:35:53,440 --> 00:35:56,600
Speaker 5: root of investing. Think about it like you're an investor, or, entrepreneur,

841
00:35:56,680 --> 00:36:00,319
Speaker 5: a business owner, real estate entrepreneur. You're doing it to

842
00:36:00,320 --> 00:36:03,680
Speaker 5: to receive the little definition of an entrepreneur or a

843
00:36:03,719 --> 00:36:08,000
Speaker 5: real estate investor, the definition someone who who invest capital

844
00:36:08,080 --> 00:36:11,480
Speaker 5: and hopes to seek a profit. Right. So ROI really

845
00:36:12,120 --> 00:36:15,600
Speaker 5: it gives you the measurement tool to compare apples to

846
00:36:15,680 --> 00:36:18,600
Speaker 5: apples on your profits. So let me make it even simpler.

847
00:36:19,719 --> 00:36:22,640
Speaker 5: If you have ten thousand dollars, right, or one hundred thousand,

848
00:36:22,719 --> 00:36:26,960
Speaker 5: or a million or ten million. Either way, that money

849
00:36:26,960 --> 00:36:28,759
Speaker 5: has an opportunity costs. You could put that money a

850
00:36:28,880 --> 00:36:30,840
Speaker 5: bunch of different places. You can invest in a T

851
00:36:30,960 --> 00:36:33,120
Speaker 5: shirt line, you could invest in the podcast, you could

852
00:36:33,120 --> 00:36:34,960
Speaker 5: invest in the real estate, you can invest in the

853
00:36:35,280 --> 00:36:38,000
Speaker 5: uber or whatever you want to do. So your return

854
00:36:38,080 --> 00:36:40,120
Speaker 5: on that investment is going to allow you to see

855
00:36:40,280 --> 00:36:42,719
Speaker 5: what's the best use of my money or the best

856
00:36:42,800 --> 00:36:45,359
Speaker 5: use of the opportunity cost of my money. Right, So

857
00:36:45,400 --> 00:36:47,400
Speaker 5: your roy helps dictate that. So you can look at

858
00:36:47,400 --> 00:36:49,880
Speaker 5: your your capital and a checking account. Let's leave your

859
00:36:49,880 --> 00:36:52,000
Speaker 5: ten thousand dollars in a checking account. You're gonna get

860
00:36:52,040 --> 00:36:54,600
Speaker 5: point zero zero one percent. So you're gonna get like

861
00:36:54,840 --> 00:36:57,759
Speaker 5: a dollar on your your ten thousand dollars. Right, you

862
00:36:57,840 --> 00:37:00,000
Speaker 5: put that money in a four to one k or

863
00:36:59,840 --> 00:37:01,560
Speaker 5: or or a CD, you might get three percent on

864
00:37:01,600 --> 00:37:05,560
Speaker 5: your money or three hundred dollars on ten thousand. So

865
00:37:05,600 --> 00:37:07,640
Speaker 5: then you look at other instruments where you can invest

866
00:37:07,680 --> 00:37:09,680
Speaker 5: your money, and they're all WI is going to tell

867
00:37:09,719 --> 00:37:13,080
Speaker 5: you your ten thousand your capital park here makes you

868
00:37:13,160 --> 00:37:16,000
Speaker 5: this rate of return versus any other place a rate

869
00:37:16,000 --> 00:37:18,680
Speaker 5: of return. So the ROI really or your return and

870
00:37:18,760 --> 00:37:21,480
Speaker 5: investment is just an indicator based on how much you invested,

871
00:37:21,800 --> 00:37:24,719
Speaker 5: how much profit you made, what that rate is of

872
00:37:24,800 --> 00:37:27,120
Speaker 5: return on those profits in that investment.

873
00:37:27,320 --> 00:37:30,960
Speaker 1: So, like, how do you evaluate that for real estate? Property?

874
00:37:31,040 --> 00:37:31,120
Speaker 5: Right?

875
00:37:31,200 --> 00:37:33,680
Speaker 2: Because it's easy because I'm a financial advisor, right, so

876
00:37:33,840 --> 00:37:36,720
Speaker 2: I'm a little biased about stocks, but it's a different conversation.

877
00:37:36,360 --> 00:37:38,719
Speaker 5: But it's easy to look at its about real estate.

878
00:37:39,440 --> 00:37:41,279
Speaker 2: It's easy to look at a rate of return for

879
00:37:41,280 --> 00:37:42,799
Speaker 2: an investment because you can see what it did for

880
00:37:42,840 --> 00:37:45,719
Speaker 2: the last five, three ten since its inception. Right, real

881
00:37:45,840 --> 00:37:48,200
Speaker 2: takes a little bit more. It's a little tricky. So

882
00:37:48,920 --> 00:37:49,960
Speaker 2: how can.

883
00:37:49,800 --> 00:37:51,200
Speaker 5: You say realest is a little more easy?

884
00:37:51,520 --> 00:37:54,880
Speaker 2: All right, fit enough, But so how do you how

885
00:37:54,880 --> 00:37:56,880
Speaker 2: do you look at that and evaluate that from a

886
00:37:56,960 --> 00:37:59,080
Speaker 2: home to say, okay, this is just this rate of

887
00:37:59,120 --> 00:38:02,479
Speaker 2: return I effect to get fifteen percent in the next

888
00:38:02,480 --> 00:38:04,440
Speaker 2: three years. Like if you do that based off of

889
00:38:04,560 --> 00:38:07,680
Speaker 2: comps in the neighborhood, you do that based off of Yeah.

890
00:38:07,520 --> 00:38:08,080
Speaker 1: How do you do that?

891
00:38:08,360 --> 00:38:11,360
Speaker 5: Well, it depends if you're purchasing as an owner occupied

892
00:38:11,400 --> 00:38:11,960
Speaker 5: home buyer.

893
00:38:12,200 --> 00:38:15,719
Speaker 6: Right, I don't necessarily look at my ROI.

894
00:38:15,560 --> 00:38:17,839
Speaker 5: From a perspective of us as a home buyer, Right,

895
00:38:18,000 --> 00:38:20,160
Speaker 5: I look at I still look the opportunity to cost

896
00:38:20,160 --> 00:38:21,920
Speaker 5: the money. I say, okay, if I got to put

897
00:38:21,920 --> 00:38:23,680
Speaker 5: three and a half percent or three percent down on

898
00:38:23,719 --> 00:38:25,560
Speaker 5: his home, or if you're twenty percent down on his home, right,

899
00:38:25,560 --> 00:38:27,440
Speaker 5: So still the opportunity cost my money. So say I

900
00:38:27,440 --> 00:38:29,200
Speaker 5: want to buy three hundred thousand dollars home and the

901
00:38:29,239 --> 00:38:31,040
Speaker 5: bank says, okay, you got to put ten percent down.

902
00:38:31,160 --> 00:38:33,040
Speaker 5: So I know I got put thirty thousand down to

903
00:38:33,080 --> 00:38:35,160
Speaker 5: buy this home, right, or it could be three percent down,

904
00:38:35,160 --> 00:38:37,160
Speaker 5: I gotta put nine grand down to buy this home.

905
00:38:37,600 --> 00:38:39,000
Speaker 6: So now I'm looking at, well, what else would I

906
00:38:39,040 --> 00:38:39,719
Speaker 6: do with my nine grand?

907
00:38:39,800 --> 00:38:40,080
Speaker 5: What else?

908
00:38:40,160 --> 00:38:41,799
Speaker 6: What do I do with my thirty grand?

909
00:38:42,000 --> 00:38:45,160
Speaker 5: So from a from a home perspective, I know that

910
00:38:45,200 --> 00:38:47,520
Speaker 5: by mee owning this property, and it could be a

911
00:38:47,600 --> 00:38:49,960
Speaker 5: duplex or a multi family where I can live for

912
00:38:49,960 --> 00:38:52,080
Speaker 5: free and rent the other units out. But even if

913
00:38:52,120 --> 00:38:53,839
Speaker 5: I'm not renting the other units out and living for free,

914
00:38:53,880 --> 00:38:56,080
Speaker 5: by living in a single family or townhouse or condo,

915
00:38:56,800 --> 00:38:59,959
Speaker 5: I'm gonna live somewhere anyway. I'm gonna be paying rent

916
00:39:00,480 --> 00:39:03,759
Speaker 5: to somebody somewhere to have aof over my head. So

917
00:39:03,840 --> 00:39:06,960
Speaker 5: if I can be paying myself and paying a mortgage

918
00:39:07,160 --> 00:39:09,600
Speaker 5: with this ten thousand down or this thirty thousand down,

919
00:39:09,719 --> 00:39:11,839
Speaker 5: nine thousand down, thirty thousand down, but then I get

920
00:39:11,880 --> 00:39:14,719
Speaker 5: the future appreciation and equity from the home. And then

921
00:39:14,719 --> 00:39:17,200
Speaker 5: I'm getting the tax advantages from owning the home, from

922
00:39:17,239 --> 00:39:19,800
Speaker 5: the interest on the mortgage to the depreciation of the building,

923
00:39:20,080 --> 00:39:22,520
Speaker 5: the closing costs on the asset. Then I got the

924
00:39:22,520 --> 00:39:25,000
Speaker 5: power control of the asset. Right again, not to mention

925
00:39:25,080 --> 00:39:26,840
Speaker 5: for the multi fiani that I'm getting cash flow, I

926
00:39:26,880 --> 00:39:30,279
Speaker 5: consider all those advantages as to well, what else would

927
00:39:30,280 --> 00:39:32,080
Speaker 5: I have done with that ten thousand dollars. So if

928
00:39:32,080 --> 00:39:34,439
Speaker 5: that ten thousand dollars, just say in the stock market,

929
00:39:34,480 --> 00:39:36,399
Speaker 5: would have gave me seven percent, then I'm know I'm

930
00:39:36,400 --> 00:39:38,960
Speaker 5: making seven hundred dollars a year on that ten thousand

931
00:39:39,000 --> 00:39:42,319
Speaker 5: dollars plus compounding interest, of course, but essentially to say

932
00:39:42,320 --> 00:39:44,280
Speaker 5: seven hundred thous dollars a year on my ten thousand,

933
00:39:44,640 --> 00:39:48,239
Speaker 5: that same ten thousand could have been in my house gaining.

934
00:39:47,920 --> 00:39:50,200
Speaker 6: Me appreciation and equity over the years.

935
00:39:50,320 --> 00:39:52,920
Speaker 5: So now let's say in a ten year period, so

936
00:39:52,920 --> 00:39:54,359
Speaker 5: you put money in a stock out of ten year

937
00:39:54,400 --> 00:39:56,279
Speaker 5: period and you got seven hundred a year, or say

938
00:39:56,280 --> 00:39:58,680
Speaker 5: seven thousand. Let's say with compound the interest, you now

939
00:39:58,680 --> 00:40:00,880
Speaker 5: got ten thousand, put ten ten thousand in the stock,

940
00:40:01,080 --> 00:40:03,240
Speaker 5: and in ten years you got ten thousand dollars ROI

941
00:40:03,480 --> 00:40:06,440
Speaker 5: on that asset. Now you put ten thousand down on

942
00:40:06,480 --> 00:40:10,799
Speaker 5: your residential property, and over that same ten years, your

943
00:40:10,880 --> 00:40:14,440
Speaker 5: asset went up in value seventy thousand dollars, fifty thousand dollars,

944
00:40:14,600 --> 00:40:17,160
Speaker 5: thirty thousand dollars, right just by living there and doing

945
00:40:17,160 --> 00:40:20,120
Speaker 5: something we're gonna do anyway. So Therefore, to me, just

946
00:40:20,160 --> 00:40:22,279
Speaker 5: from a homeowner perspective, it makes better sense, plus the

947
00:40:22,280 --> 00:40:24,640
Speaker 5: tax advantages you receive during that time, because you could

948
00:40:24,640 --> 00:40:26,600
Speaker 5: appreciate twenty seven and a half percent of the asset

949
00:40:26,960 --> 00:40:30,680
Speaker 5: over the years, plus the other benefits I gave you.

950
00:40:30,880 --> 00:40:32,880
Speaker 5: So I look at that, and that's just a homeowner perspective,

951
00:40:32,880 --> 00:40:35,560
Speaker 5: which is not even the best example. From an investor perspective,

952
00:40:35,840 --> 00:40:39,560
Speaker 5: I'm looking at the future market value or the COMPS

953
00:40:39,640 --> 00:40:41,719
Speaker 5: or the ARV if it's a fix and flip, or

954
00:40:41,760 --> 00:40:44,000
Speaker 5: I'm looking at the cat prate, which is the basically

955
00:40:44,000 --> 00:40:47,000
Speaker 5: the ROI of the rental income from the unit and

956
00:40:47,040 --> 00:40:49,520
Speaker 5: those tax advantages at the same time. So for an investor,

957
00:40:49,760 --> 00:40:52,080
Speaker 5: you got the benefits of cash flow, which is rental income,

958
00:40:52,080 --> 00:40:56,239
Speaker 5: passive income, mailbox money. You have the benefits of appreciation

959
00:40:56,320 --> 00:40:58,239
Speaker 5: and equity as you just live there or rent it

960
00:40:58,239 --> 00:41:00,000
Speaker 5: out and it probably goes up in value over time.

961
00:41:00,560 --> 00:41:03,440
Speaker 5: You got the opportunities for all the tax benefits, and

962
00:41:03,440 --> 00:41:05,799
Speaker 5: as an investor, you get more tax benefits than you

963
00:41:05,840 --> 00:41:08,840
Speaker 5: do as a homeowner, so you could you could appreciate

964
00:41:08,920 --> 00:41:11,040
Speaker 5: not only the interest on the mortgage, the maintenance on

965
00:41:11,080 --> 00:41:13,440
Speaker 5: the property, the cast segregation on the property and all

966
00:41:13,480 --> 00:41:15,719
Speaker 5: these things. So now you're getting bigger bang for your

967
00:41:15,719 --> 00:41:18,759
Speaker 5: buck as an investor because you have so many financial

968
00:41:18,760 --> 00:41:20,799
Speaker 5: benefits from owning an asset. And that's not to mention.

969
00:41:20,840 --> 00:41:23,239
Speaker 5: If you get into the space of seventy five units

970
00:41:23,280 --> 00:41:25,640
Speaker 5: and more, twenty units and more, and the multi family apartments,

971
00:41:25,760 --> 00:41:29,040
Speaker 5: now you got more cost segregation, more doors, more rental income,

972
00:41:29,239 --> 00:41:31,879
Speaker 5: more cash flow, more tax appreciation, all for the same

973
00:41:31,880 --> 00:41:33,120
Speaker 5: investment you would have put somewhere else.

974
00:41:33,320 --> 00:41:35,799
Speaker 7: Another thing that we've spoken about and people still are

975
00:41:35,800 --> 00:41:38,040
Speaker 7: not quite clear on, and now that we're in Atlanta,

976
00:41:38,080 --> 00:41:40,279
Speaker 7: I remember the first time hearing about opportunity zones. I

977
00:41:40,280 --> 00:41:42,880
Speaker 7: saw Tia talking about them, Yeah, and shout out the tip,

978
00:41:42,880 --> 00:41:45,480
Speaker 7: shout out the king ten. So we started the researching

979
00:41:45,520 --> 00:41:47,000
Speaker 7: it and get a better information on it.

980
00:41:47,320 --> 00:41:48,239
Speaker 3: Can you explain that to.

981
00:41:48,160 --> 00:41:50,879
Speaker 7: Thoden's like, how that works and how capital gains tax

982
00:41:51,440 --> 00:41:52,239
Speaker 7: plays a part in it.

983
00:41:52,680 --> 00:41:57,759
Speaker 5: This sure, opportunity zones is really the biggest transfer of

984
00:41:57,800 --> 00:42:02,120
Speaker 5: family wealth that will happen in our lifetime. It happens,

985
00:42:02,200 --> 00:42:05,600
Speaker 5: it's a great depression. Opportunity zones is literally set up

986
00:42:05,600 --> 00:42:08,280
Speaker 5: to use the urban community as a decoy to allow

987
00:42:08,320 --> 00:42:10,560
Speaker 5: wealthy folks to roll their money over to the next generation.

988
00:42:11,239 --> 00:42:14,200
Speaker 5: So what happens to opportunity zones is there's over eight

989
00:42:14,239 --> 00:42:17,600
Speaker 5: thousand opportunities on tracks all throughout the country. These are

990
00:42:17,600 --> 00:42:20,839
Speaker 5: mostly urban areas, some rural areas, blighted areas that they

991
00:42:20,840 --> 00:42:24,239
Speaker 5: say need investment dollars. And so what they're allowing the

992
00:42:24,320 --> 00:42:27,080
Speaker 5: wealthy to do when those who have capital gains either

993
00:42:27,120 --> 00:42:29,920
Speaker 5: from their businesses, from their stock portfolios, or from their

994
00:42:29,960 --> 00:42:33,759
Speaker 5: real estate assets. As people realize capital gains or liquidate

995
00:42:33,760 --> 00:42:36,799
Speaker 5: their portfolios to receive capital gains, they can roll their

996
00:42:36,800 --> 00:42:39,040
Speaker 5: capital gains over right, the capital gains which will be

997
00:42:39,080 --> 00:42:40,759
Speaker 5: taxable income. They will have to pay like a thirty

998
00:42:40,760 --> 00:42:43,040
Speaker 5: percent or whatever percent tax rate on the capital gains.

999
00:42:43,520 --> 00:42:45,880
Speaker 5: So that the government is allowing them, through this legislation

1000
00:42:46,320 --> 00:42:49,480
Speaker 5: to roll their capital gains over into an opportunity zone

1001
00:42:49,520 --> 00:42:52,879
Speaker 5: through Opportunity Zone Fund into a qualified Opportunities on track

1002
00:42:53,160 --> 00:42:55,400
Speaker 5: and if they invest that money there, they will get

1003
00:42:55,400 --> 00:42:59,399
Speaker 5: a ten percent discount or tax coupon on that capital gain.

1004
00:42:59,480 --> 00:43:01,440
Speaker 5: So if capital gains was one hundred thousand and I

1005
00:43:01,520 --> 00:43:04,040
Speaker 5: rolled all over to opportunity zone, that means now my

1006
00:43:04,120 --> 00:43:07,560
Speaker 5: capital gains a taxable income is ninety thousand for the

1007
00:43:07,600 --> 00:43:09,719
Speaker 5: first five years. Then if they keep it there for

1008
00:43:09,760 --> 00:43:12,319
Speaker 5: an additional two years or seven years total, they get

1009
00:43:12,320 --> 00:43:15,440
Speaker 5: another five percent tax coupon. So now my taxable income

1010
00:43:15,520 --> 00:43:17,719
Speaker 5: is eighty five thousand. So now instead of paying Uncle

1011
00:43:17,719 --> 00:43:20,000
Speaker 5: Sam thirty grand on one hundred thousand, I'm now paying

1012
00:43:20,080 --> 00:43:22,279
Speaker 5: Uncle Sam thirty percent on my eighty five thousand or

1013
00:43:22,320 --> 00:43:25,319
Speaker 5: like twenty four grand right on my taxable income. Then

1014
00:43:25,360 --> 00:43:29,080
Speaker 5: the other benefit is if I leave that capital gains

1015
00:43:29,120 --> 00:43:33,640
Speaker 5: investment into that asset for ten years or more, any

1016
00:43:33,840 --> 00:43:37,759
Speaker 5: future capital gains or profits made from that asset, I

1017
00:43:37,800 --> 00:43:41,760
Speaker 5: can completely defer all the taxable income on that asset

1018
00:43:42,120 --> 00:43:44,399
Speaker 5: moving forward, so I can roll over my capital gains,

1019
00:43:44,400 --> 00:43:47,400
Speaker 5: get a discount on my original investment of fifteen percent

1020
00:43:47,600 --> 00:43:50,560
Speaker 5: after seven years, and then any future capital gains from

1021
00:43:50,600 --> 00:43:52,840
Speaker 5: the asset that I put into the opportunity zone. So

1022
00:43:53,080 --> 00:43:55,480
Speaker 5: I can take my capital gains, go into the hood,

1023
00:43:55,600 --> 00:43:58,759
Speaker 5: build a whole new strip, mall, whole new skyscraper, whole

1024
00:43:58,760 --> 00:44:01,800
Speaker 5: new hotel, lose something that don't even help this community

1025
00:44:01,840 --> 00:44:04,560
Speaker 5: at all, and gentrify it, and then be able to

1026
00:44:04,640 --> 00:44:07,120
Speaker 5: roll all the profits of that asset over in ten years,

1027
00:44:07,120 --> 00:44:08,680
Speaker 5: sell it off to the market at a higher cap

1028
00:44:08,760 --> 00:44:11,160
Speaker 5: rate or lower cap rate, more profit and be able

1029
00:44:11,200 --> 00:44:13,480
Speaker 5: to take all that money out totally tax free. That's

1030
00:44:13,520 --> 00:44:14,480
Speaker 5: what opportunity zones is.

1031
00:44:14,480 --> 00:44:16,000
Speaker 2: And in order to invest an Opportunities one, you have

1032
00:44:16,000 --> 00:44:17,600
Speaker 2: to be the Opportunities on Fund, right, correct?

1033
00:44:17,680 --> 00:44:21,640
Speaker 5: Yes, I believe it's eighty nine eight ninety sixty form

1034
00:44:21,840 --> 00:44:23,439
Speaker 5: through the IRS to be Opportunities Fund.

1035
00:44:23,520 --> 00:44:25,239
Speaker 7: One of the toughest parts is that a lot of us,

1036
00:44:25,320 --> 00:44:27,439
Speaker 7: especially in our communities, we don't have capital gains.

1037
00:44:27,440 --> 00:44:32,640
Speaker 3: We don't even know what for us, but it's for

1038
00:44:32,719 --> 00:44:34,640
Speaker 3: us though us like they don't know.

1039
00:44:35,880 --> 00:44:37,840
Speaker 5: I think it would have been more advantageous to have a

1040
00:44:39,040 --> 00:44:42,520
Speaker 5: financial or tax designation that actually service the people that

1041
00:44:42,560 --> 00:44:44,359
Speaker 5: are in that community and the kind of money they

1042
00:44:44,400 --> 00:44:47,399
Speaker 5: receive and help the working class rule their capital over

1043
00:44:47,640 --> 00:44:49,560
Speaker 5: into those kind of funds and receive those benefits.

1044
00:44:50,120 --> 00:44:52,480
Speaker 1: So all right, corporate there, what's that.

1045
00:44:52,760 --> 00:45:02,399
Speaker 5: Y'all want everything? Yeah? Corporate veil is your your your

1046
00:45:02,680 --> 00:45:05,000
Speaker 5: LLC or or your your corporate structure and the way

1047
00:45:05,000 --> 00:45:08,640
Speaker 5: you protect yourself and your assets. It's the way in

1048
00:45:08,680 --> 00:45:13,560
Speaker 5: which you protect yourself from and really it's it's asset protection.

1049
00:45:13,640 --> 00:45:15,160
Speaker 5: Long story short, it's the way you set up your

1050
00:45:15,239 --> 00:45:17,879
Speaker 5: entities in a way that you have the best tax

1051
00:45:17,880 --> 00:45:20,239
Speaker 5: advantage from your entities, the best liability protect from your

1052
00:45:20,360 --> 00:45:23,359
Speaker 5: entity and entities. And it's just the way that you know,

1053
00:45:23,440 --> 00:45:26,560
Speaker 5: a sophisticated investor or entrepreneurs should be setting up their company.

1054
00:45:27,200 --> 00:45:31,080
Speaker 2: All right, well you passed the test with flying it was.

1055
00:45:31,560 --> 00:45:33,560
Speaker 2: We didn't give them free notice though about what the

1056
00:45:33,640 --> 00:45:38,320
Speaker 2: questions is. But when you know, you know in real life,

1057
00:45:38,400 --> 00:45:40,520
Speaker 2: fast the test with flying colors. On the next segment,

1058
00:45:40,520 --> 00:45:42,279
Speaker 2: we're going to go into the Tulsa real Estate Fund.

1059
00:45:42,280 --> 00:45:44,439
Speaker 2: We're going to explain that in detail and talk about

1060
00:45:44,440 --> 00:45:44,840
Speaker 2: everything that.

1061
00:45:45,040 --> 00:45:49,279
Speaker 5: You have real estate fund, let's be clear fact, so.

1062
00:45:49,280 --> 00:45:52,560
Speaker 2: You have the real estate crowd fund, right, so it's

1063
00:45:52,560 --> 00:45:54,440
Speaker 2: a little different. It's a different way to invest in

1064
00:45:54,440 --> 00:45:56,600
Speaker 2: real estate as opposed to just a person just doing

1065
00:45:56,600 --> 00:45:58,560
Speaker 2: it on their own right, So what is it real

1066
00:45:58,640 --> 00:46:00,560
Speaker 2: estate crowdfund?

1067
00:46:00,600 --> 00:46:01,480
Speaker 1: What's the details of that.

1068
00:46:02,480 --> 00:46:08,000
Speaker 5: Well, our particular fund, the opportunity is for non accredited investors,

1069
00:46:08,080 --> 00:46:10,239
Speaker 5: meaning those who have a networth less than a million

1070
00:46:10,320 --> 00:46:12,319
Speaker 5: dollars or make less than a quarter million a year.

1071
00:46:13,080 --> 00:46:16,720
Speaker 5: For non accredit investors or credited investors and institutions, family

1072
00:46:16,760 --> 00:46:20,280
Speaker 5: offices and all kinds of capital. Partners can all invest

1073
00:46:20,280 --> 00:46:23,600
Speaker 5: in one vehicle, our non accredit investors and just all investors.

1074
00:46:23,600 --> 00:46:26,600
Speaker 5: Our minimal investment is five hundred dollars, and you will

1075
00:46:26,640 --> 00:46:29,560
Speaker 5: be equity owner in our company and own shares of

1076
00:46:29,560 --> 00:46:32,879
Speaker 5: our entire portfolio, which currently consists of an opportunity zone

1077
00:46:33,200 --> 00:46:36,000
Speaker 5: property in East Point, Georgia, five minutes from the airport

1078
00:46:36,080 --> 00:46:38,920
Speaker 5: called the Legacy Center, two point six acre campus over

1079
00:46:39,000 --> 00:46:42,200
Speaker 5: thirty thousand square feet, which would be a coworking space,

1080
00:46:43,000 --> 00:46:47,879
Speaker 5: a financial empowerment center and training center, entrepreneur training center,

1081
00:46:48,160 --> 00:46:50,920
Speaker 5: as well as ninety eight unit apartment complex and Making Georgia,

1082
00:46:51,000 --> 00:46:52,759
Speaker 5: as well as twenty eight units of student housing we're

1083
00:46:52,760 --> 00:46:58,080
Speaker 5: developing here and at the AUC where the historically black

1084
00:46:58,120 --> 00:47:00,920
Speaker 5: colleges are Clark, Spelman and Morehouse, as well as other

1085
00:47:00,960 --> 00:47:03,480
Speaker 5: fourteen unit seven units and multiple other investments that we've

1086
00:47:03,480 --> 00:47:06,839
Speaker 5: either funded or partake in as as investors and developers

1087
00:47:07,040 --> 00:47:10,080
Speaker 5: through the fund. So for a five hundred dollars minimum investment,

1088
00:47:10,520 --> 00:47:12,840
Speaker 5: you get your approbated share of equity in our company,

1089
00:47:12,960 --> 00:47:16,520
Speaker 5: You get an eight percent preferred return that's annual and

1090
00:47:16,520 --> 00:47:19,600
Speaker 5: that's cumulating annually, and you get your share of fifty

1091
00:47:19,600 --> 00:47:23,200
Speaker 5: percents of the profits that are fun you know, projects

1092
00:47:23,239 --> 00:47:25,440
Speaker 5: to bring in over the course of our portfolio and

1093
00:47:25,480 --> 00:47:26,040
Speaker 5: our performance.

1094
00:47:26,200 --> 00:47:29,760
Speaker 7: Now the President Obama had the is it the project

1095
00:47:29,800 --> 00:47:31,520
Speaker 7: rebuilt for He's the man?

1096
00:47:31,920 --> 00:47:33,759
Speaker 3: Was the idea for the TOSA Fund?

1097
00:47:35,080 --> 00:47:37,000
Speaker 7: Was it birth at that point or was it something

1098
00:47:37,000 --> 00:47:38,920
Speaker 7: that you had envision prior to it.

1099
00:47:39,280 --> 00:47:41,520
Speaker 5: Yeah. Back in our early mortgage days in like two

1100
00:47:41,600 --> 00:47:45,200
Speaker 5: thousand and seven, eight nine, I would flick through the

1101
00:47:45,360 --> 00:47:47,960
Speaker 5: MLS and different you know listing systems. I would see

1102
00:47:47,960 --> 00:47:49,920
Speaker 5: hotels and hospitals, and I would think about it. I

1103
00:47:49,920 --> 00:47:51,680
Speaker 5: always had this vision to bridge the gap between real

1104
00:47:51,760 --> 00:47:53,120
Speaker 5: estate and pop culture, Like I always want to put

1105
00:47:53,120 --> 00:47:55,120
Speaker 5: the whole community on that. Once I got on, I

1106
00:47:55,200 --> 00:47:57,120
Speaker 5: wanted to put the whole hood on, you know, in

1107
00:47:57,160 --> 00:47:59,440
Speaker 5: real estate. And so when I would see these large assets,

1108
00:47:59,800 --> 00:48:01,799
Speaker 5: I always think like, Yo, what if we could bust

1109
00:48:01,880 --> 00:48:03,600
Speaker 5: these down? What if we can chip in and go

1110
00:48:03,680 --> 00:48:06,120
Speaker 5: in on these assets? And there was no vehicle to

1111
00:48:06,200 --> 00:48:09,280
Speaker 5: do that at that time. And so after the Freddy

1112
00:48:09,320 --> 00:48:12,600
Speaker 5: Gray uprising in Baltimore in twenty fifteen, I was at

1113
00:48:12,640 --> 00:48:16,400
Speaker 5: a panel that beet bust up, bustloads of bloods and crips,

1114
00:48:16,400 --> 00:48:19,319
Speaker 5: from ground zero where the CVS is burned down in

1115
00:48:19,360 --> 00:48:22,400
Speaker 5: Baltimore after the Freddie Gray uprising, and they I was

1116
00:48:22,440 --> 00:48:24,600
Speaker 5: part of that panel with timmyk and Mallory Mark, Lamont

1117
00:48:24,640 --> 00:48:26,719
Speaker 5: Hill and others, and they were asking like, what's the

1118
00:48:26,760 --> 00:48:30,440
Speaker 5: solutions for our community, and one of the bloods or

1119
00:48:30,480 --> 00:48:34,200
Speaker 5: crips or Baltimore, you know, crowd members yelled from the stands,

1120
00:48:34,360 --> 00:48:36,920
Speaker 5: we need to build a black wall street, yo. And

1121
00:48:37,000 --> 00:48:39,560
Speaker 5: so I'm like, okay, if you think the community needs

1122
00:48:39,600 --> 00:48:43,600
Speaker 5: a black wall street or economic you know, kind of stronghold,

1123
00:48:44,000 --> 00:48:45,560
Speaker 5: I raised my hand and I was like, Okay, that's

1124
00:48:45,560 --> 00:48:47,080
Speaker 5: on my watch. Whoever want to build a black wall

1125
00:48:47,120 --> 00:48:50,400
Speaker 5: street beat me after this twenty fifteen and so I

1126
00:48:50,440 --> 00:48:52,759
Speaker 5: built with them. I went down to Baltimore, got on

1127
00:48:52,800 --> 00:48:54,759
Speaker 5: the ground talking to them, seeing what the problems are

1128
00:48:54,760 --> 00:48:57,439
Speaker 5: in the community. And I thought about it, like, well,

1129
00:48:57,440 --> 00:48:59,160
Speaker 5: what does a black wall street look like? And for

1130
00:48:59,200 --> 00:49:02,439
Speaker 5: those not familiar, black wall street was. There's many black

1131
00:49:02,480 --> 00:49:04,920
Speaker 5: wall streets throughout America. One of the most notable was

1132
00:49:04,920 --> 00:49:08,560
Speaker 5: the black wall Street of in Tulsa, Oklahoma called Greenwood,

1133
00:49:09,080 --> 00:49:11,040
Speaker 5: where it was thirty six square blocks ore were two

1134
00:49:11,080 --> 00:49:13,960
Speaker 5: thousand homes and businesses that were burned down or were

1135
00:49:13,960 --> 00:49:17,880
Speaker 5: built up in less than twenty years and burned down

1136
00:49:18,160 --> 00:49:20,720
Speaker 5: in nineteen twenty one in one day on June first,

1137
00:49:21,280 --> 00:49:22,840
Speaker 5: and so I was like, well, we're gonna build a

1138
00:49:22,880 --> 00:49:27,160
Speaker 5: sustaining community or be able to impact our communities. It's

1139
00:49:27,200 --> 00:49:30,239
Speaker 5: cool to hashtaglock black Wall Street and group economics and

1140
00:49:30,280 --> 00:49:33,200
Speaker 5: say it, but what does it look like in real life? Right? Yeah?

1141
00:49:33,200 --> 00:49:36,320
Speaker 5: How do you actually bring it to fruition? What's the

1142
00:49:36,400 --> 00:49:38,960
Speaker 5: economic vehicle that allows us to pull our dollars together

1143
00:49:39,000 --> 00:49:41,200
Speaker 5: to build a Black Wall Street? And so that's when

1144
00:49:41,200 --> 00:49:44,040
Speaker 5: I started the research then, and through that research we

1145
00:49:44,080 --> 00:49:46,440
Speaker 5: didn uncover the Jobs Act, which was just in past.

1146
00:49:46,920 --> 00:49:49,000
Speaker 5: And I thought back to my old mortgage days about

1147
00:49:49,000 --> 00:49:51,880
Speaker 5: what I knew about financing and lending and investing in

1148
00:49:51,880 --> 00:49:54,240
Speaker 5: all those things. And so anyway, we went through the research.

1149
00:49:54,320 --> 00:49:57,440
Speaker 5: In over four years of due diligence and research and development,

1150
00:49:58,280 --> 00:50:00,839
Speaker 5: we put ourselves in position to ipo on June first,

1151
00:50:00,880 --> 00:50:03,279
Speaker 5: the anniversary of the Black Wall Street bombing. On June

1152
00:50:03,280 --> 00:50:06,640
Speaker 5: first and twenty eighteen, we ipo this fund to the

1153
00:50:06,680 --> 00:50:10,080
Speaker 5: tune of you know, over I think a millionaire or

1154
00:50:10,200 --> 00:50:12,760
Speaker 5: nearly nearly two million dollars raised our first twenty four hours,

1155
00:50:12,800 --> 00:50:15,080
Speaker 5: our website crash three times the first day. I was

1156
00:50:15,120 --> 00:50:18,120
Speaker 5: so pissed. But you know, so many hits on our

1157
00:50:18,120 --> 00:50:21,320
Speaker 5: website and so much as national attention, and we've raised

1158
00:50:21,400 --> 00:50:25,279
Speaker 5: you know, several million dollars to date and have built

1159
00:50:25,280 --> 00:50:27,560
Speaker 5: a multimillion dollar portfolio just with the first round of

1160
00:50:27,560 --> 00:50:30,040
Speaker 5: our fund in our first year as the you know,

1161
00:50:30,160 --> 00:50:32,080
Speaker 5: historic total real estate fund, the first black owned real

1162
00:50:32,160 --> 00:50:33,160
Speaker 5: estate for out fund history.

1163
00:50:33,200 --> 00:50:35,360
Speaker 2: So how does that work as far as because we

1164
00:50:35,360 --> 00:50:37,640
Speaker 2: talked about the tech fund and he had you have

1165
00:50:37,760 --> 00:50:40,040
Speaker 2: to like wait a couple of years. So each, I

1166
00:50:40,080 --> 00:50:42,160
Speaker 2: guess company is different. Like for your company, it's like

1167
00:50:42,160 --> 00:50:44,200
Speaker 2: you have to wait one year before you can start

1168
00:50:44,239 --> 00:50:45,520
Speaker 2: to receive money from it.

1169
00:50:45,640 --> 00:50:48,640
Speaker 5: So you one one year lock up until you're eligible

1170
00:50:48,719 --> 00:50:52,480
Speaker 5: to receive your quarterly dividends. But we cannot pay dividends

1171
00:50:52,560 --> 00:50:55,640
Speaker 5: until the fund is profitab profitable. So if we're developing

1172
00:50:55,680 --> 00:50:58,399
Speaker 5: assets that take two and three years to develop, then

1173
00:50:58,440 --> 00:51:00,200
Speaker 5: you obviously have to wait for the develop and of

1174
00:51:00,239 --> 00:51:02,680
Speaker 5: those assets and stabilization of those assets, the rents, the

1175
00:51:02,880 --> 00:51:06,000
Speaker 5: you know, equity to refod all that to become profitable.

1176
00:51:06,040 --> 00:51:07,120
Speaker 1: So it's a long term play.

1177
00:51:07,200 --> 00:51:09,680
Speaker 5: It's a long term place. It's legacy fund right, and

1178
00:51:09,760 --> 00:51:15,200
Speaker 5: so that's what we are really campaigning for, getting everyone

1179
00:51:15,200 --> 00:51:17,000
Speaker 5: to understand. If you want to fix and flip a

1180
00:51:17,040 --> 00:51:19,200
Speaker 5: home and make quick money or wholesale real estate with

1181
00:51:19,200 --> 00:51:21,120
Speaker 5: no cash or credit, cool, come to Jay Morrison Academy

1182
00:51:21,120 --> 00:51:22,879
Speaker 5: will teach you that you can do that in your

1183
00:51:23,000 --> 00:51:25,759
Speaker 5: everyday life. But if you want to chip in as

1184
00:51:25,760 --> 00:51:29,520
Speaker 5: a collective, something that confits within your budget, where we

1185
00:51:29,600 --> 00:51:32,200
Speaker 5: all can chip in to empower our own communities and

1186
00:51:32,239 --> 00:51:34,800
Speaker 5: fund our own projects and fund our own deals without

1187
00:51:34,800 --> 00:51:37,160
Speaker 5: going to anyone else for help, going to anyone else's table.

1188
00:51:37,360 --> 00:51:38,120
Speaker 5: That's what this is.

1189
00:51:38,320 --> 00:51:42,239
Speaker 3: So that's the whole period. It varies based on the

1190
00:51:42,280 --> 00:51:43,680
Speaker 3: asset or how's that work.

1191
00:51:43,640 --> 00:51:46,280
Speaker 5: On the whole portfolio, right, So like say, for instance,

1192
00:51:46,280 --> 00:51:48,360
Speaker 5: we're building a legacy center, which takes is about a

1193
00:51:48,440 --> 00:51:50,560
Speaker 5: year and a half you know, development or whatever the

1194
00:51:50,560 --> 00:51:53,600
Speaker 5: case is, okay, But we have other fix and flips

1195
00:51:53,640 --> 00:51:56,840
Speaker 5: we funded that are instantly giving us mortgage money points

1196
00:51:56,880 --> 00:51:59,920
Speaker 5: revenue right now, and then we might build up whatever late.

1197
00:52:00,160 --> 00:52:01,000
Speaker 6: So it's a balance of.

1198
00:52:00,920 --> 00:52:03,879
Speaker 5: The whole portfolio that we have. So some assets are

1199
00:52:03,880 --> 00:52:06,560
Speaker 5: instantly making money and some assets are long term investments.

1200
00:52:06,680 --> 00:52:09,160
Speaker 5: But overall, once the whole fund is profitable, you didn't

1201
00:52:09,160 --> 00:52:11,879
Speaker 5: get paid out. You're accumulating eight percent over every year,

1202
00:52:12,239 --> 00:52:14,360
Speaker 5: which is preferred, meaning before we split any profits, you

1203
00:52:14,360 --> 00:52:16,000
Speaker 5: get your eight percent and every year you were older

1204
00:52:16,120 --> 00:52:19,640
Speaker 5: eight percent and then you get your share of future profits.

1205
00:52:19,840 --> 00:52:24,040
Speaker 5: So now when we stabilize the Legacy Center, our projections

1206
00:52:24,080 --> 00:52:27,279
Speaker 5: are we'll stabilize it in the next year, two years,

1207
00:52:27,280 --> 00:52:30,560
Speaker 5: three years tops. We stabilize the Legacy Center from our

1208
00:52:30,680 --> 00:52:35,160
Speaker 5: leasing model and raise that value based on a market

1209
00:52:35,239 --> 00:52:37,880
Speaker 5: cap rate, from a three point six million dollar development

1210
00:52:38,280 --> 00:52:41,239
Speaker 5: to a seven point two million dollar valuation, and we

1211
00:52:41,320 --> 00:52:44,560
Speaker 5: either sell it and lease buy back, or we refinance

1212
00:52:44,800 --> 00:52:46,680
Speaker 5: and pull most of our capital out and pay our

1213
00:52:46,719 --> 00:52:48,640
Speaker 5: investors back. And you know what I mean, and all

1214
00:52:48,719 --> 00:52:51,160
Speaker 5: that we still keep the asset. So it's just like

1215
00:52:51,480 --> 00:52:54,200
Speaker 5: I mean, it's kind of complicated but not It depends

1216
00:52:54,239 --> 00:52:56,880
Speaker 5: on your level of sophistication and real estate. But the

1217
00:52:56,960 --> 00:52:59,040
Speaker 5: point is at the end of the day, It's why

1218
00:52:59,080 --> 00:53:03,360
Speaker 5: I try to kind of simplify, is like it's a

1219
00:53:03,400 --> 00:53:06,960
Speaker 5: long term play for folks to invest capital one, and

1220
00:53:06,960 --> 00:53:08,959
Speaker 5: you shouldn't invest any money you can't afford to lose.

1221
00:53:09,400 --> 00:53:11,600
Speaker 5: You shouldn't invest, you know, because in any investment, right,

1222
00:53:11,600 --> 00:53:15,319
Speaker 5: you understand, no investments guaranteed, and I'm not saying it's guaranteed, right,

1223
00:53:15,680 --> 00:53:20,000
Speaker 5: But it's for that discretionary income, that money that we

1224
00:53:20,160 --> 00:53:22,720
Speaker 5: blow that we don't love, right, So we blow hundreds

1225
00:53:22,719 --> 00:53:25,560
Speaker 5: on sneakers, hundreds on a vacation, hundreds on sparkles in

1226
00:53:25,600 --> 00:53:30,160
Speaker 5: the club, hundreds on all types of alloud bill or

1227
00:53:30,239 --> 00:53:31,200
Speaker 5: are happy hot our bill?

1228
00:53:31,280 --> 00:53:31,400
Speaker 1: Right?

1229
00:53:31,440 --> 00:53:32,640
Speaker 5: We blow all this money.

1230
00:53:33,120 --> 00:53:34,840
Speaker 6: But what if we were to revert a lot of

1231
00:53:34,880 --> 00:53:36,040
Speaker 6: that capital.

1232
00:53:35,920 --> 00:53:38,760
Speaker 5: You know, even our Christmas, Valentine's Day and birthday money,

1233
00:53:38,800 --> 00:53:41,120
Speaker 5: like our consumer money, and we were to revert that

1234
00:53:41,239 --> 00:53:43,719
Speaker 5: capital and be able to pull it together to do

1235
00:53:43,760 --> 00:53:46,920
Speaker 5: something awesome and impactful and historic for our community. It's

1236
00:53:47,000 --> 00:53:49,320
Speaker 5: that play, right, So that's that's what everyone has understandings.

1237
00:53:49,360 --> 00:53:52,040
Speaker 5: It's about us pulling our own capital to control our

1238
00:53:52,080 --> 00:53:55,440
Speaker 5: own resources and a very transparent, a very regulated, a

1239
00:53:55,520 --> 00:53:58,799
Speaker 5: very sophisticated way. And you know, you you know, you

1240
00:53:58,800 --> 00:54:01,000
Speaker 5: know again, I invested it in the ten thousand, others

1241
00:54:01,000 --> 00:54:03,560
Speaker 5: match me ten thousand, some invested one thousand, some invested

1242
00:54:03,600 --> 00:54:06,399
Speaker 5: forty thousand, some invested five hundred. But it's about doing

1243
00:54:06,400 --> 00:54:08,440
Speaker 5: what in your capacity, but understand that we're doing it

1244
00:54:08,960 --> 00:54:12,440
Speaker 5: as a socially entrepreneur vehicle with mission involved. It's not

1245
00:54:12,600 --> 00:54:14,440
Speaker 5: just the real estate fund. Like that's easy to do

1246
00:54:14,480 --> 00:54:16,640
Speaker 5: with the real estate fund, but but this is a

1247
00:54:16,680 --> 00:54:20,239
Speaker 5: fund for us to be able to control our own dollars,

1248
00:54:20,480 --> 00:54:22,520
Speaker 5: manage our own dollars, and do it in a way

1249
00:54:22,560 --> 00:54:25,440
Speaker 5: where it's not relying on any one person to save us.

1250
00:54:25,440 --> 00:54:27,120
Speaker 5: I don't believe we should wait on jay Z or

1251
00:54:27,120 --> 00:54:30,279
Speaker 5: Oprah or Puffy. It shouldn't be their obligation to have

1252
00:54:30,360 --> 00:54:33,960
Speaker 5: to fund the whole community relationship in the fund our damnselves.

1253
00:54:34,040 --> 00:54:34,560
Speaker 1: That's a fact.

1254
00:54:34,719 --> 00:54:37,560
Speaker 7: What's the demographic of people that you've seen that are investing.

1255
00:54:37,680 --> 00:54:40,240
Speaker 7: Is it a millennial move or is there a certain

1256
00:54:40,280 --> 00:54:41,960
Speaker 7: age that you're seeing.

1257
00:54:41,680 --> 00:54:45,279
Speaker 5: That very is very diverse man, I mean even ethnicities.

1258
00:54:45,320 --> 00:54:48,120
Speaker 5: I mean we have white investors, Asian investors, Black investors,

1259
00:54:48,120 --> 00:54:52,080
Speaker 5: obviously many African investors in America.

1260
00:54:52,239 --> 00:54:53,799
Speaker 6: But demographic wise.

1261
00:54:53,520 --> 00:54:56,000
Speaker 5: There are I would always want to say fifty to

1262
00:54:56,000 --> 00:55:01,000
Speaker 5: fifty millennial and whatever that other generation isful. Yeah, we

1263
00:55:01,000 --> 00:55:04,640
Speaker 5: have we have a lot of working class you know, moms, dads,

1264
00:55:04,640 --> 00:55:06,520
Speaker 5: people have been looking for something like this. Their whole life,

1265
00:55:06,520 --> 00:55:07,799
Speaker 5: like they have been a civil rights movement.

1266
00:55:07,840 --> 00:55:09,600
Speaker 6: They have been, you know, born right after the Civil

1267
00:55:09,680 --> 00:55:10,040
Speaker 6: rights movement.

1268
00:55:10,080 --> 00:55:11,640
Speaker 5: They was part of the Black panther moving They're part

1269
00:55:11,680 --> 00:55:14,319
Speaker 5: of eighties Reaganomics and all that. But people have been

1270
00:55:14,320 --> 00:55:16,600
Speaker 5: looking for a solution for our community and who are

1271
00:55:16,640 --> 00:55:18,920
Speaker 5: doing well or wherever they're in their life and haven't

1272
00:55:18,920 --> 00:55:21,080
Speaker 5: had a vehicle. Or to the millennial who just wants

1273
00:55:21,080 --> 00:55:22,680
Speaker 5: to own a piece of an apartment building for five

1274
00:55:22,760 --> 00:55:25,240
Speaker 5: hundred dollars, imagine that you can the best five hundred

1275
00:55:25,239 --> 00:55:27,560
Speaker 5: dollars and literally be a fractional owner in a ninety

1276
00:55:27,640 --> 00:55:29,640
Speaker 5: unit apartment complex plus commercial real estate.

1277
00:55:29,719 --> 00:55:31,160
Speaker 1: Yeah, that's the fact in their life.

1278
00:55:32,520 --> 00:55:36,120
Speaker 2: And so the Tosa Fund has been around for a

1279
00:55:36,120 --> 00:55:39,040
Speaker 2: little over yere like yeah over here, right. And so

1280
00:55:39,080 --> 00:55:41,279
Speaker 2: you guys got off to a historic start. And then

1281
00:55:41,640 --> 00:55:44,759
Speaker 2: but you had some some issues that you beat with

1282
00:55:44,800 --> 00:55:47,320
Speaker 2: the Feds, right, And we spoke about some issues with

1283
00:55:47,360 --> 00:55:47,520
Speaker 2: the Fed.

1284
00:55:47,560 --> 00:55:48,400
Speaker 1: Shouts of my brother.

1285
00:55:48,320 --> 00:55:50,879
Speaker 2: Chris Gotti, that's our from Murder Inc. And he told

1286
00:55:50,960 --> 00:55:52,719
Speaker 2: us about their issues with the Feds, how they beat

1287
00:55:52,719 --> 00:55:54,279
Speaker 2: the Feds. So the reason why I bring this up

1288
00:55:54,320 --> 00:55:56,919
Speaker 2: is that we have to be we have to tell

1289
00:55:57,080 --> 00:55:58,880
Speaker 2: the full story. A lot of times when high light

1290
00:55:58,960 --> 00:56:02,360
Speaker 2: when when stories are it's like I knew it, but

1291
00:56:02,400 --> 00:56:04,919
Speaker 2: then it's like if you get exonerated, that part never

1292
00:56:04,960 --> 00:56:07,560
Speaker 2: really gets told. Right, So can you talk about that

1293
00:56:07,560 --> 00:56:09,320
Speaker 2: a little bit as far as like the investigation or

1294
00:56:09,360 --> 00:56:10,520
Speaker 2: I don't even know what to call I don't want

1295
00:56:10,520 --> 00:56:12,440
Speaker 2: to call an investigation, but whatever, Yeah, we call.

1296
00:56:12,440 --> 00:56:16,400
Speaker 5: Probe investigation subpoena, right, so we were subpoena by the FBI,

1297
00:56:16,480 --> 00:56:21,480
Speaker 5: the DJ you know, FBI, and the SEC. I don't

1298
00:56:21,520 --> 00:56:27,759
Speaker 5: have an exact reason why. My instinct is that all

1299
00:56:27,800 --> 00:56:31,840
Speaker 5: the Negroes that thought this was a scam why I

1300
00:56:31,840 --> 00:56:33,400
Speaker 5: don't know, but they thought this was a scam or

1301
00:56:33,480 --> 00:56:36,600
Speaker 5: Ponzi scheme and kicked up fussing and making YouTube pages

1302
00:56:36,640 --> 00:56:40,680
Speaker 5: and Facebook pages and really bashing this historic fun as

1303
00:56:40,680 --> 00:56:43,839
Speaker 5: for our community, I believe you know that and other

1304
00:56:44,440 --> 00:56:47,160
Speaker 5: activity by people that are making like face fake pages

1305
00:56:47,200 --> 00:56:50,160
Speaker 5: on Instagram and trying to do PayPal tosal scams and

1306
00:56:50,200 --> 00:56:52,560
Speaker 5: all that. I think that you know, likely put us

1307
00:56:52,560 --> 00:56:55,640
Speaker 5: on folks radar. I'm obviously I'm not the most conventional

1308
00:56:55,800 --> 00:57:00,439
Speaker 5: fund manager with my background as well, but however less

1309
00:57:00,440 --> 00:57:02,520
Speaker 5: we ended up on their radar and they subpoened us

1310
00:57:02,560 --> 00:57:05,640
Speaker 5: for documents. They wanted to see over fifty thousand emails.

1311
00:57:05,680 --> 00:57:07,480
Speaker 5: They want to see our financial records, they want to

1312
00:57:07,480 --> 00:57:08,960
Speaker 5: see our infrastructure.

1313
00:57:09,360 --> 00:57:12,200
Speaker 1: Yeah you so we said, all right, see that.

1314
00:57:12,280 --> 00:57:13,799
Speaker 5: Here you go. You know, here, here's the whole thing.

1315
00:57:13,800 --> 00:57:15,720
Speaker 5: Follow the money, right, like we said, follow the money.

1316
00:57:16,040 --> 00:57:18,480
Speaker 5: And I won't say we beat the Feds. I don't

1317
00:57:18,480 --> 00:57:20,640
Speaker 5: want to put it like that, but I will say

1318
00:57:20,680 --> 00:57:25,560
Speaker 5: that they have been gracious and I believe fair with us, uh,

1319
00:57:25,640 --> 00:57:28,280
Speaker 5: you know, and doing their job. And after reviewing our

1320
00:57:28,320 --> 00:57:31,000
Speaker 5: emails and reviewing our financial records, they see their investigation.

1321
00:57:31,920 --> 00:57:35,280
Speaker 5: You know, they reserved the right to investigate it anytime.

1322
00:57:35,560 --> 00:57:37,400
Speaker 5: But they did cease their investigation.

1323
00:57:37,960 --> 00:57:40,600
Speaker 1: Uh, they thoroughly looked into it, and they didn't find

1324
00:57:40,640 --> 00:57:41,600
Speaker 1: anything that was.

1325
00:57:42,440 --> 00:57:46,240
Speaker 5: I'm just saying. I'm just saying. They had fifty thousand emails,

1326
00:57:46,280 --> 00:57:48,720
Speaker 5: they had our financial records, our audits, our bank statements,

1327
00:57:48,760 --> 00:57:52,320
Speaker 5: our bank accounts, our whole everything, and they cease their investigations.

1328
00:57:54,640 --> 00:57:58,000
Speaker 5: So people should right. Absolutely, I'm just not I don't

1329
00:57:58,000 --> 00:58:03,840
Speaker 5: want to beef for them. Listen, Listen, we're not smiking.

1330
00:58:06,880 --> 00:58:08,600
Speaker 3: Said this other day. Don't worry. Nobody's listening.

1331
00:58:10,440 --> 00:58:13,919
Speaker 5: But We're just saying that there there. I mean, one

1332
00:58:13,920 --> 00:58:18,960
Speaker 5: can rationally think that if there was something super egregious

1333
00:58:19,080 --> 00:58:23,800
Speaker 5: or you know, any major infractions that that, you know whatever.

1334
00:58:23,840 --> 00:58:25,520
Speaker 5: I don't even want to speak too much. Just I'll

1335
00:58:25,520 --> 00:58:28,720
Speaker 5: just say that, you know, God is good. We've operated

1336
00:58:28,720 --> 00:58:30,480
Speaker 5: this fund and integrity. It's my legacy on the line.

1337
00:58:30,480 --> 00:58:30,600
Speaker 1: Bro.

1338
00:58:30,640 --> 00:58:32,080
Speaker 5: I'm not gonna be the guy that raised money from

1339
00:58:32,120 --> 00:58:33,920
Speaker 5: the community that went ran off of the bag. Like,

1340
00:58:33,920 --> 00:58:35,320
Speaker 5: that's not gonna be my legacy. Like, you know what

1341
00:58:35,320 --> 00:58:37,480
Speaker 5: I'm saying. I worked too hard for this. You know,

1342
00:58:37,680 --> 00:58:39,280
Speaker 5: I got a family that looks it looks up to me,

1343
00:58:39,320 --> 00:58:41,440
Speaker 5: and many that people around the community look up to me.

1344
00:58:42,000 --> 00:58:43,560
Speaker 5: We're just doing our best job, man, and do something

1345
00:58:43,600 --> 00:58:46,520
Speaker 5: that's never done before. Is it gonna be perfect? No trail.

1346
00:58:48,480 --> 00:58:50,440
Speaker 5: I don't have a blueprint, you know what I'm saying, Like,

1347
00:58:50,520 --> 00:58:53,560
Speaker 5: but we are doing our best to operate with integrity, transparency.

1348
00:58:54,800 --> 00:58:56,840
Speaker 5: You know, the whole first year of the fund, I

1349
00:58:56,920 --> 00:58:59,560
Speaker 5: deferred my salary. I took no I took no personal salary,

1350
00:58:59,640 --> 00:59:02,040
Speaker 5: no personal compensation the whole first year, although I freaking

1351
00:59:02,080 --> 00:59:05,680
Speaker 5: deserve it. But again, we're just trying to move right, man,

1352
00:59:05,720 --> 00:59:07,720
Speaker 5: and just like get our people to feel comfortable trusting

1353
00:59:07,760 --> 00:59:10,520
Speaker 5: each other because the reality is, you know, which is

1354
00:59:10,520 --> 00:59:12,840
Speaker 5: going to be one of our next campaigns. We're going

1355
00:59:12,920 --> 00:59:16,280
Speaker 5: to be challenging everyone, you guys, everybody to invest? Is

1356
00:59:16,320 --> 00:59:18,960
Speaker 5: that listen? It only takes forty thousand of us to

1357
00:59:18,960 --> 00:59:22,800
Speaker 5: invest a thousand dollars to raise forty million dollars. That'sh

1358
00:59:22,800 --> 00:59:26,440
Speaker 5: it alright, Like, yeah, diverted from somewhere else, forty thousand

1359
00:59:26,480 --> 00:59:28,280
Speaker 5: US put up one thousand dollars, we got forty million.

1360
00:59:28,320 --> 00:59:31,000
Speaker 5: Forty million is a twenty percent down payment on a

1361
00:59:31,000 --> 00:59:32,680
Speaker 5: two hundred million dollar project.

1362
00:59:33,480 --> 00:59:34,600
Speaker 6: Ro It's just not that hard.

1363
00:59:34,920 --> 00:59:38,120
Speaker 1: That's the fact. So what's your vision like five years?

1364
00:59:38,160 --> 00:59:38,800
Speaker 1: Like what do you win?

1365
00:59:38,840 --> 00:59:41,080
Speaker 5: A billion dollars of assets under management? A billion black

1366
00:59:41,120 --> 00:59:44,400
Speaker 5: dollars in five years and all kinds of different properties,

1367
00:59:44,760 --> 00:59:49,960
Speaker 5: all kinds of assets, communities, hotels, hospitals, strip malls. Funding

1368
00:59:50,240 --> 00:59:51,960
Speaker 5: is not meant mind you. I don't want to be

1369
00:59:52,000 --> 00:59:54,360
Speaker 5: the biggest developer in the world. I want to be

1370
00:59:54,400 --> 00:59:56,640
Speaker 5: a great fund manager. The goal of the fund is

1371
00:59:56,640 --> 00:59:59,160
Speaker 5: not just the director and we acquire some assets where

1372
00:59:59,360 --> 01:00:01,640
Speaker 5: because we have great resources and relationships, you know, within

1373
01:00:01,680 --> 01:00:04,680
Speaker 5: different real estate communities. So we get good deals, but

1374
01:00:04,800 --> 01:00:08,280
Speaker 5: really we want to privately lend and fund other people's deals.

1375
01:00:08,560 --> 01:00:10,720
Speaker 5: Like that's really my focus is, Like, Okay, you come

1376
01:00:10,760 --> 01:00:13,080
Speaker 5: with a project that you found in your community, all right,

1377
01:00:13,160 --> 01:00:16,120
Speaker 5: let's fund your project. Right. You came with a strip mall,

1378
01:00:16,160 --> 01:00:18,000
Speaker 5: or you inherit some acres of land and you want

1379
01:00:18,000 --> 01:00:20,520
Speaker 5: to develop that, Okay, let's fund your project. So, or

1380
01:00:20,640 --> 01:00:22,160
Speaker 5: you got a loan from a bank and the bank's

1381
01:00:22,240 --> 01:00:23,800
Speaker 5: going to give you eighty percent, but you don't got

1382
01:00:23,800 --> 01:00:25,600
Speaker 5: the twenty percent equity. Well, let's give you the twenty

1383
01:00:25,600 --> 01:00:28,000
Speaker 5: percent equity. Right. So the goal of the fund is

1384
01:00:28,040 --> 01:00:30,080
Speaker 5: not for Jay Morrison to build a bunch of real estate.

1385
01:00:30,360 --> 01:00:32,160
Speaker 5: The goal of the fund is to be all ability

1386
01:00:32,120 --> 01:00:34,000
Speaker 5: to be the rich uncle for our community to be

1387
01:00:34,320 --> 01:00:34,880
Speaker 5: for all of us.

1388
01:00:34,880 --> 01:00:37,560
Speaker 2: Still, I'm glad you said that because I just thought

1389
01:00:37,600 --> 01:00:39,840
Speaker 2: about that. We talked about it earlier. You guys are funding,

1390
01:00:39,840 --> 01:00:42,520
Speaker 2: you're giving out money. Now we're not giving out, but you.

1391
01:00:42,200 --> 01:00:45,600
Speaker 1: You're loaning money. I mean, we've been from day one.

1392
01:00:44,120 --> 01:00:48,200
Speaker 5: If you talk like, a black woman out of Lake Charles,

1393
01:00:48,240 --> 01:00:51,080
Speaker 5: Louisiana came to us. She got approved by a private

1394
01:00:51,160 --> 01:00:54,000
Speaker 5: lender that was not of our ethnicity. They approved there

1395
01:00:54,040 --> 01:00:57,440
Speaker 5: for a loan on fourteen units. She got her appraisal back.

1396
01:00:57,560 --> 01:01:01,040
Speaker 5: The property appraised for two hundred thousand more than thought. Wow.

1397
01:01:01,160 --> 01:01:02,640
Speaker 5: Then the lender came back and said, well, you know what,

1398
01:01:02,640 --> 01:01:05,000
Speaker 5: were gonna need a bigger down payment. I never heard

1399
01:01:05,040 --> 01:01:07,680
Speaker 5: of that lender. Should feel more comfortable about loaning your

1400
01:01:07,680 --> 01:01:10,240
Speaker 5: money if your property appraise from or right, Because you

1401
01:01:10,280 --> 01:01:11,840
Speaker 5: know what I mean, they went and tried to get

1402
01:01:11,840 --> 01:01:14,320
Speaker 5: more money for her down payment so that she couldn't afford.

1403
01:01:14,360 --> 01:01:15,560
Speaker 6: They're trying to really box her.

1404
01:01:15,440 --> 01:01:18,160
Speaker 5: Out so she couldn't purchase it and probably try to

1405
01:01:18,160 --> 01:01:19,360
Speaker 5: go behind the door and grab it from her.

1406
01:01:20,120 --> 01:01:21,360
Speaker 6: She came through me, through one of my.

1407
01:01:21,400 --> 01:01:24,920
Speaker 5: Mentors, and we end up funding her whole project, the rehab,

1408
01:01:25,000 --> 01:01:28,200
Speaker 5: the construction, the acquisition and all that. And now today

1409
01:01:28,280 --> 01:01:30,240
Speaker 5: she has her fourteen units still with a few hundred

1410
01:01:30,280 --> 01:01:31,080
Speaker 5: thousand dollars equity.

1411
01:01:31,440 --> 01:01:33,640
Speaker 2: So how do how do if people want to contact

1412
01:01:33,680 --> 01:01:35,760
Speaker 2: you about the funding, like just for the funding temple?

1413
01:01:35,800 --> 01:01:36,360
Speaker 1: How today is that?

1414
01:01:36,480 --> 01:01:39,280
Speaker 5: Like, yeah, you're funding and if you want to be

1415
01:01:39,320 --> 01:01:41,480
Speaker 5: a partner with us, right, I'm talking about not a donations,

1416
01:01:41,520 --> 01:01:43,760
Speaker 5: not a kickstarter, this is be an equity owner and

1417
01:01:43,840 --> 01:01:46,720
Speaker 5: a partner or to get your to submit your deal

1418
01:01:46,800 --> 01:01:49,920
Speaker 5: for funding or capital partnership called to Tulsa t U

1419
01:01:50,120 --> 01:01:53,240
Speaker 5: l s a real estatefund dot com.

1420
01:01:53,880 --> 01:01:56,080
Speaker 1: Jay Man, thank you for joining us. Like I said, this.

1421
01:01:56,080 --> 01:01:59,840
Speaker 2: Is something that we were looking forward to. Glad that

1422
01:02:00,040 --> 01:02:04,480
Speaker 2: you got to do this in real life. And yeah

1423
01:02:04,520 --> 01:02:06,680
Speaker 2: once again, yeah yeah, gotta stop asking now you gotta

1424
01:02:06,720 --> 01:02:12,400
Speaker 2: have somebody else that y'all they did it so big homie.

1425
01:02:12,440 --> 01:02:14,400
Speaker 2: All right, so you just used to spoke about that.

1426
01:02:14,480 --> 01:02:18,360
Speaker 2: But okay, so everything else? What is the contact information

1427
01:02:18,440 --> 01:02:21,160
Speaker 2: for all of your other uh businesses and everything else

1428
01:02:21,160 --> 01:02:22,280
Speaker 2: you have going on social media?

1429
01:02:22,280 --> 01:02:23,680
Speaker 1: And how can the people appreciate that?

1430
01:02:23,840 --> 01:02:26,160
Speaker 5: I mean, I want to challenge everyone man, Like you

1431
01:02:26,160 --> 01:02:28,440
Speaker 5: guys heard me spit game here today, like I know

1432
01:02:28,520 --> 01:02:29,760
Speaker 5: what I know, you know what I'm saying, Like I

1433
01:02:29,840 --> 01:02:32,800
Speaker 5: noticed stuff and how to translate and related stuff. We

1434
01:02:32,920 --> 01:02:36,920
Speaker 5: teach this very affordably, very relatively, very accessibly in a J.

1435
01:02:37,080 --> 01:02:40,760
Speaker 5: Morrison Academy again ink five hundred top ten educational companies

1436
01:02:40,760 --> 01:02:43,000
Speaker 5: in the country. You guys, go to J. Morrison. It's

1437
01:02:43,080 --> 01:02:46,320
Speaker 5: Jay Morrison Academy dot com. We have a brand new

1438
01:02:46,320 --> 01:02:49,080
Speaker 5: curriculum we just created. It's over eighty five lessons on

1439
01:02:49,240 --> 01:02:51,720
Speaker 5: what we call the RBC's. So like in school they

1440
01:02:51,720 --> 01:02:54,919
Speaker 5: teaches the ABC's, so we teach the RBC's real estate,

1441
01:02:55,000 --> 01:02:57,960
Speaker 5: business and credit. So we go over everything from wholesaling

1442
01:02:58,000 --> 01:03:00,160
Speaker 5: real estate with no cash or credit to fixing to

1443
01:03:00,160 --> 01:03:02,560
Speaker 5: flipp into home ownership one oh one. We go over

1444
01:03:02,640 --> 01:03:06,520
Speaker 5: corporate veil strategies, to over branding your business, marketing your business,

1445
01:03:06,520 --> 01:03:09,919
Speaker 5: exit strategy, operations, how to manage to hire your team.

1446
01:03:10,000 --> 01:03:13,720
Speaker 5: We go over credit strategies, personal credit, family credit, business

1447
01:03:13,760 --> 01:03:17,160
Speaker 5: credit credit lines, credit leverage, like all that for the

1448
01:03:17,200 --> 01:03:21,800
Speaker 5: whole game. We bust down and it's a lot. I

1449
01:03:21,840 --> 01:03:23,640
Speaker 5: literally was like, Okay, I got dumped everything out of

1450
01:03:23,640 --> 01:03:25,480
Speaker 5: my head and put into this curriculum. Like because every

1451
01:03:25,560 --> 01:03:27,880
Speaker 5: year we update the curriculum, I want to dump everything

1452
01:03:27,880 --> 01:03:30,440
Speaker 5: out that I have. My partner Will Roundtree, my partner

1453
01:03:30,440 --> 01:03:32,800
Speaker 5: Isaac Gracey all put it together, and I mean in

1454
01:03:32,840 --> 01:03:35,440
Speaker 5: that curriculum, we have the quizzes, the tests, the assessments.

1455
01:03:36,360 --> 01:03:38,720
Speaker 5: Our basic curriculums starts at one hundred and ninety seven

1456
01:03:38,760 --> 01:03:45,200
Speaker 5: dollars for the year bro like all that corporate vale strategy, homeownership, flipping, holding, landlording,

1457
01:03:45,600 --> 01:03:47,680
Speaker 5: all that for one seven for the whole year, like

1458
01:03:48,120 --> 01:03:51,640
Speaker 5: a fraction of your community college. And then we have

1459
01:03:51,720 --> 01:03:55,280
Speaker 5: another curriculum where you can actually get weekly mentorship calls,

1460
01:03:55,320 --> 01:03:58,800
Speaker 5: get all that plus weekly mentorship calls, career opportunities, joint

1461
01:03:58,880 --> 01:04:02,360
Speaker 5: venture opportunities, opportunities with us, and that curriculum just for

1462
01:04:02,520 --> 01:04:03,520
Speaker 5: ninety seven for the year.

1463
01:04:03,600 --> 01:04:05,480
Speaker 6: So like I'm really giving the community game.

1464
01:04:05,840 --> 01:04:07,960
Speaker 5: I mean like sixteen dollars at like thirty dollars a

1465
01:04:07,960 --> 01:04:11,480
Speaker 5: month type of thing. So you know, again Jay Morrison Academy,

1466
01:04:11,480 --> 01:04:13,600
Speaker 5: you can find us for education. You want to partner

1467
01:04:13,640 --> 01:04:16,200
Speaker 5: with me and with us on real estate assets as

1468
01:04:16,200 --> 01:04:19,000
Speaker 5: a passive investor and partner, go to Tulsa real Estate

1469
01:04:19,040 --> 01:04:22,000
Speaker 5: Fund dot com and for just every day you know, game, inspiration,

1470
01:04:22,080 --> 01:04:23,800
Speaker 5: motivation or whatever else you think I'll bring to the

1471
01:04:23,840 --> 01:04:27,080
Speaker 5: table at mister J. Morrison on all platforms. So that's

1472
01:04:27,120 --> 01:04:31,320
Speaker 5: at mister J. Morrison YouTube, Facebook, fan page, Instagram. Of course,

1473
01:04:32,120 --> 01:04:35,440
Speaker 5: I'm just trying to get LinkedIn. I'm on LinkedIn. My

1474
01:04:35,560 --> 01:04:37,760
Speaker 5: team runs it. I don't run it, so you've befriend me.

1475
01:04:37,800 --> 01:04:42,120
Speaker 5: It ain't me, but LinkedIn as well. Tulsa Real Estate

1476
01:04:42,120 --> 01:04:44,000
Speaker 5: Fund has as a YouTube as well, and Total Real

1477
01:04:44,080 --> 01:04:47,040
Speaker 5: Estate Fund on ig that page is popping JMA. So

1478
01:04:47,040 --> 01:04:49,480
Speaker 5: I'm just really proud of the companies that I first

1479
01:04:49,520 --> 01:04:52,520
Speaker 5: of what was before the companies. I want to give thanks,

1480
01:04:52,680 --> 01:04:54,439
Speaker 5: and not in a cliche way, but thanks to God

1481
01:04:54,560 --> 01:04:58,960
Speaker 5: just for really my testimony and stress testingmy you know,

1482
01:04:59,000 --> 01:05:00,880
Speaker 5: I'm like God stressed test me to make sure I

1483
01:05:00,920 --> 01:05:01,600
Speaker 5: was ready.

1484
01:05:01,360 --> 01:05:03,800
Speaker 6: For what he had for me, who wanted me to be.

1485
01:05:03,880 --> 01:05:06,600
Speaker 5: So I thank God for his grace and shout out

1486
01:05:06,640 --> 01:05:11,120
Speaker 5: to my wife as well holding me down. But also though, yeah,

1487
01:05:11,240 --> 01:05:13,160
Speaker 5: just I'm proud of the companies we built. Man Like,

1488
01:05:13,200 --> 01:05:15,200
Speaker 5: this was no easy journey. I talk, you know, I

1489
01:05:15,280 --> 01:05:17,160
Speaker 5: get in my bag and I talk my shit, but

1490
01:05:18,280 --> 01:05:21,720
Speaker 5: it's my way of kind of just like replenishing myself.

1491
01:05:21,760 --> 01:05:23,640
Speaker 5: Got pour out and I give so much. We didn't

1492
01:05:23,640 --> 01:05:26,720
Speaker 5: even mention the sixty three free corner classes I've done

1493
01:05:26,920 --> 01:05:29,560
Speaker 5: over the last four years. I was talking twenty eight

1494
01:05:29,640 --> 01:05:33,080
Speaker 5: city sixty three free corner classes, even the legendary twenty

1495
01:05:33,080 --> 01:05:35,640
Speaker 5: four hour corner class here in Atlanta on Lee and Abernathy,

1496
01:05:35,840 --> 01:05:38,800
Speaker 5: which I'll be doing another one, so you know, I'm

1497
01:05:38,800 --> 01:05:39,520
Speaker 5: putting in work.

1498
01:05:39,520 --> 01:05:40,320
Speaker 6: But again it's all.

1499
01:05:40,240 --> 01:05:41,920
Speaker 5: Part of the initial mission. I talked about a bridging

1500
01:05:41,920 --> 01:05:43,480
Speaker 5: a gap between real estate and pop culture.

1501
01:05:43,520 --> 01:05:44,080
Speaker 6: I don't care if I.

1502
01:05:44,040 --> 01:05:45,240
Speaker 5: Gotta do it on the corner, if I gotta do

1503
01:05:45,280 --> 01:05:47,120
Speaker 5: it online, if I got to create a fund to

1504
01:05:47,120 --> 01:05:48,520
Speaker 5: do it, if I gotta have a school to do it.

1505
01:05:48,520 --> 01:05:50,640
Speaker 5: We got a real estate brokerage coming out soon and

1506
01:05:50,680 --> 01:05:52,400
Speaker 5: a bunch of other opportunities that are gonna be bringing

1507
01:05:52,400 --> 01:05:54,520
Speaker 5: to the public and to the people. And we got

1508
01:05:54,520 --> 01:05:57,040
Speaker 5: the Legacy Center, the Black House, the all Black building

1509
01:05:57,120 --> 01:05:59,440
Speaker 5: in East Point, thirty thousand s gud feet. That's for

1510
01:05:59,520 --> 01:06:01,680
Speaker 5: all of us. So I just you know, afford to

1511
01:06:01,680 --> 01:06:03,400
Speaker 5: building what you all. Thank you guys for having me man.

1512
01:06:03,560 --> 01:06:04,840
Speaker 3: I appreciate you coming on man.

1513
01:06:05,040 --> 01:06:05,880
Speaker 1: Troy.

1514
01:06:06,640 --> 01:06:09,840
Speaker 7: Yeah, shoutut to everybody on Patreon, dot com, bas stash

1515
01:06:09,880 --> 01:06:13,040
Speaker 7: and at leisure. I'll probably pay program everybody that supports that.

1516
01:06:13,440 --> 01:06:15,080
Speaker 7: Like we said, we have a five tier program. You

1517
01:06:15,080 --> 01:06:18,080
Speaker 7: can join that any tier. There's different features at each tier.

1518
01:06:18,520 --> 01:06:20,840
Speaker 7: We got new members again. Every week we get to

1519
01:06:20,840 --> 01:06:23,320
Speaker 7: shout out people, So shout out to them Ken saying

1520
01:06:23,320 --> 01:06:27,040
Speaker 7: that right and the Kia. Shout out to them and

1521
01:06:27,080 --> 01:06:29,320
Speaker 7: everybody that's been supporting on Patreon, and shout out everybody

1522
01:06:29,360 --> 01:06:32,320
Speaker 7: that's been purchasing the merch. My Asset Soul liability shirt

1523
01:06:32,440 --> 01:06:34,640
Speaker 7: is doing really well and people keep supporting that, and.

1524
01:06:34,640 --> 01:06:38,560
Speaker 3: We got new merch. Like you said, you leave it.

1525
01:06:38,600 --> 01:06:40,800
Speaker 7: So what happens when people come on after they do

1526
01:06:40,840 --> 01:06:42,600
Speaker 7: the episode, they become ey L alumni.

1527
01:06:43,080 --> 01:06:51,520
Speaker 3: So now you officially probably graduating. He just got his

1528
01:06:51,640 --> 01:06:54,640
Speaker 3: doctor to the ey L University. Yeah, so shout out

1529
01:06:54,640 --> 01:06:55,640
Speaker 3: to everybody that's doing that.

1530
01:06:55,680 --> 01:06:57,479
Speaker 7: And our tour shirts are l too, So every city

1531
01:06:57,520 --> 01:06:59,800
Speaker 7: we go to we bring shirts, and we have searched

1532
01:06:59,840 --> 01:07:02,040
Speaker 7: some cities, So shout out to everybody that's an in person.

1533
01:07:02,280 --> 01:07:04,640
Speaker 2: Person knows for sure, for sure, and then don't forget.

1534
01:07:04,920 --> 01:07:06,880
Speaker 2: By the time you guys hear this, I think it'll

1535
01:07:06,920 --> 01:07:08,680
Speaker 2: be two days left. So it's not too late to

1536
01:07:08,680 --> 01:07:10,960
Speaker 2: register for our free network Meet and Green Chicago nine

1537
01:07:10,960 --> 01:07:14,920
Speaker 2: twenty six, and we're having our first workshop in Brooklyn,

1538
01:07:14,960 --> 01:07:16,680
Speaker 2: but it's also going to be livestreamed all over the world,

1539
01:07:16,720 --> 01:07:18,200
Speaker 2: so make sure you're registered that and that's going to

1540
01:07:18,240 --> 01:07:21,080
Speaker 2: be ten to seventeen. And the book tip of this week,

1541
01:07:21,080 --> 01:07:23,080
Speaker 2: because we always give a book tip, is your book.

1542
01:07:24,120 --> 01:07:28,040
Speaker 2: Yeah the Lord of my Land. Yeah yeah, Lord of

1543
01:07:28,080 --> 01:07:31,000
Speaker 2: my Land. Make sure you check that out, man. Yeah,

1544
01:07:31,240 --> 01:07:31,720
Speaker 2: thank you just.

1545
01:07:31,680 --> 01:07:34,120
Speaker 6: Be a landlord man, be the lord of your land.

1546
01:07:34,320 --> 01:07:36,240
Speaker 2: That's a fact. That's a fact. So yeah, thank you

1547
01:07:36,240 --> 01:07:37,680
Speaker 2: guys for rocking with real life.

1548
01:07:37,760 --> 01:07:39,680
Speaker 1: We see you next week.

1549
01:07:39,760 --> 01:07:46,720
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